As an addendum to the last post regarding the Cosmopolitan high rise condo project on the Las Vegas Strip, it seems the investment bank Deutsche Bank has gotten into the action. Yesterday, Deutsche Bank filed a notice of foreclosure on the $3 billion las vegas high rise condo hotel project for a $760 million dollar construction loan that just matured.
Developer Bruce Eichner confirmed the story and also confirmed that he's looking to find more investors to keep the project going. Eichner said the foreclosure action did not come as a surprise and that he and his group anticipated and planned for it.
With the real estate and debt markets the way they are right now, raising capital in this environment isn't easy. But Eichner said he's had multiple conversations with several groups of interested investors already which apparantly are still ongoing.
I think reading between the lines of these comments means that you'll eventually see the Cosmopolitan happen, but without Eichner as the developer and perhaps under an entirely new project name.
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1 comment:
Mr. Highrise-
What does this mean to those of us who purchased a unit in this project when it originally developed? (and put our 10% down)
even if it changes hands investor wise, are we still guaranteed our unit at the contracted price?
(i don't suppose there is anwa to pull out and get your 10% back huh?)
FALC
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