Search
 

Correction: Opus West Mall Files Chap. 11

PHOENIX-The firm was hurt by construction loans it owes on Hill Country Galleria mall, in Austin, TX, according to reports.

By Ian Ritter | Updated on May 06, 2009

PHOENIX-Opus West’s Hill Country Galleria mall in Bee Cave, TX, has filed for bankruptcy. The mall, which was completed in 2007, was posted for a May 1 foreclosure . Hill Country, at over one-million square feet with just over 300 condos, cost $192 million to build, and the firm owes $160 million in past-due construction loans, according to an Arizona Republic article.

The move comes after Opus West affiliate Opus South filed for bankruptcy late last month. That entity has $324 million in bank loans maturing this year and was hit especially hard by the bottoming out of the condo market in Florida, executives said.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.