LV retirement community accused of defaulting on note

Friday, Nov. 10, 2000 | 11:55 a.m.

National Realty Finance L.C. sued the owner of a Las Vegas retirement community and its two general partners, alleging they defaulted on a $3.7 million loan.

The defendants include Grand Court-Las Vegas Associates, which owns Grand Court II Las Vegas, a retirement community at 4330 S. Eastern Ave.; Grand Court Facilities XVII Inc. and Sandhurst Manor Associates L.P.

In a Clark County District Court lawsuit, National Realty seeks an order to appoint a receiver after the defendants, which secured the $3.7 million loan with rents, profits and other income from the retirement community, allegedly failed to pay monthly installments due in August and September.

National Realty seeks a receiver because the defendants allegedly can't meet their debt service requirements and the company has to enforce collection of rents and all revenues from the property, preserve the collateral from "waste, diversion or diminution," and pay all operation expenses including public liability insurance.

Grand Court's director of operations could not be reached for comment on the lawsuit.