In a move that may signify an emerging trend in the Las Vegas high rise condo marketplace, Prudential Financial now controls the Turnberry Towers high rise project after buying its outstanding debt from their lenders. While Turnberry Associates is still in the picture, Prudential has bought the undisclosed amount of debt from Bank of America and as such, Prudential is now the partner that'll make all the decisions.
This move effects mainly the west tower, recently completed last year, yet struggling mightily to sell units, as almost 50% remain unsold while a significant number that have closed remain vacant. In this recessionary economy, prices sought by Turnberry for their units are still extravagant and apparently more pain is necessary before they realize their overpriced nature.
Now that Turnberry has been "bailed out" so to speak, will we see similar projects take this route as well? Only if they're lucky. Industry "experts" - and you know how we feel about experts, especially in this environment - say Prudential got a good deal and basically picked up real estate at a highly discounted price. Said attorney David LeGrand:
"In this economic environment, it makes sense to improve your financial portfolio at a discount if you have the money."
If you have the money... oh, that's a good one! Does he think everyone is an accredited investor?
Subscribe to:
Post Comments (Atom)
Posts
No comments:
Post a Comment