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Lender Ends Up with Spanish Towers Site

LAS VEGAS-With a $16-million credit bid the lender on the would-have-been $660-million high-rise residential project takes possession of the 14.3-acre property.

By Brian K. Miller | Updated on November 09, 2009

LAS VEGAS-A 14.3-acre site here that was to hold the $660-million, 390-unit Spanish View Towers development is now owned by the lender for the project, OneCap Mortgage Corp. OneCap, which was owed $36.7 million on a $27.7-million construction loan, won the court-ordered auction with a $15.97-million bid, according to court documents.

Construction on the three-tower project stopped in July 2006. The project was forced into bankruptcy in 2007 when developer Tower Homes was served an involuntary petition filed by several of the mechanics’ lien creditors, which had filed $36 million in claims. Also in 2007, various parties who had placed deposits for residences filed a class action lawsuit. The development entity’s managing member was locally based Rodney C. Yanke.

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