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November 29, 2009

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Receiver sought on project

Tuesday, May 16, 2000 | 10:52 a.m.

A Mesquite contractor has asked a District Court judge to appoint a receiver on a 155-lot residential development in default.

Steve L. Gilbert of Gilbert Development Co., now the majority owner, filed suit after Classic Building Co. defaulted on payments on loans to build Vista del Monte, a development within the Mesquite Vista master-planned community. Gilbert asked the court to appoint his son, Dale, who coordinated the project as a subcontractor, as receiver.

Classic initially financed the projects with loans of $2.6 million from Moneysource LLC and $775,000 from Pacific West Mortgage Inc. in April 1999. In December, Classic defaulted on those loans.

Last month, Pacific acquired all of Moneysource's interest in the project and Gilbert purchased 59 percent of Pacific's interest.

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