Condo developer files for bankruptcy protection

By Steve Green (contact)

Wednesday, June 24, 2009 | 3:47 p.m.

Real estate developments in Henderson and northern Las Vegas are among the latest to be hit with loan default notices -- and one has filed for bankruptcy.

Henderson condominium developer Aspen Peak LLC filed for Chapter 11 bankruptcy protection Tuesday -- the same day it was sued by a lender for $6.7 million after allegedly defaulting on a loan.

The Aspen Peak condominiums are in Henderson's South Valley Ranch community on Boulder Highway, north of Sunset Road. Local real estate agents have several of the condos listed for sale or rent.

Aspen Peak listed in its bankruptcy filing assets of $1 million to $10 million and liabilities of $10 million to $50 million. Its unsecured creditors include South Valley Ranch LP, owed $1.8 million; the Chiang and Meehan family trusts, each owed $375,000; and the VanMeetren Family LP, owed $238,000.

Officials at Aspen Peak, based in Santa Ana, Calif., could not immediately be reached for comment on the bankruptcy filing.

In a lawsuit filed in Clark County District Court, AmTrust Bank sought appointment of a receiver to run the company. AmTrust said it has commenced foreclosure proceedings against Aspen Peak and that a receiver should be appointed to represent the bank's interests as allowed by Nevada law.

AmTrust said its note is secured by three completed condo pads and partially and fully completed residential units, as well as road and utility infrastructure and other improvements.

Separately, lenders on Tuesday sued the owner of the Rancho Pines Plaza LLC commercial development in Las Vegas at 4570, 4588 and 4590 N. Rancho Drive, north of Craig Road.

Wells Fargo Bank, representing investors in the property's mortgage, said Rancho Pines is in default on the note and owes $4.596 million.

The center, which is not fully leased, includes a dental office, a shoe store, a kids camp and an Asian market.

Records indicate Rancho Pines Plaza is managed by Lit-Low Investment Properties LLC and Four Putt LLC. Officials with those companies could not be located for comment.