2009-11-09 20:49:14 - Sale of Spanish View Towers Site is the Largest Multi-Family Land Transaction in Las Vegas in 2009

The project that once boasted the largest crane – 285 feet – ever erected in southwest Las Vegas Valley has been sold through a “stalking horse” bid process on behalf of the U.S. Trustee. The announcement was made by Tigg Mitchell, Director of Brokerage Services for Douglas Wilson Companies, one of the nation’s most experienced specialists in receivership services for

distressed commercial real estate.

“Our marketing efforts resulted in the largest multi-family land transaction in Las Vegas this year,” said Mitchell. “Our company also re-created due diligence materials and entitlement assessments.”

The Spanish View Towers luxury high-rise project, originally valued at $660 million, was thrown into bankruptcy in 2007 when developer Tower Homes was served an involuntary petition filed by several of the mechanics’ lien creditors. Construction on the 14.3-acre project stopped in July 2006. One Cap Mortgage Corporation, a private investment firm and wholly owned subsidiary of OneCap Holding Corporation, held the trust deeds on the property, valued at approximately $36 million, including interest and fees.

Located near the Las Vegas Beltway and Buffalo Drive, the partially completed Spanish View Towers 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.

Douglas Wilson Companies is headquartered at 450 B Street in the financial district of downtown San Diego. It also has offices in Atlanta, Las Vegas, Orlando, Miami and San Francisco. For further information, call 619-641-1141 or visit www.douglaswilson.com.