Lender Ends Up with Spanish Towers Site

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.

Located near the Las Vegas Beltway and Buffalo Drive, the partially completed site is fully excavated with a partially constructed subterranean garage. Entitlements include 390 units with wind turbine capacity in the top 26 feet of three, 27-story towers and 29,000 square feet of ground floor retail space. Approximately $90 million in construction and pre-construction had been completed for the project when work was stopped.

Tigg Mitchell of San Diego based Douglas Wilson Cos. handled the disposition. He could not immediately be reached Monday afternoon for comment.