The bankrupt luxury loft project Vantage Lofts by Slade Development is now for sale. The $37.5 million of outstanding principal on the loan held by investment bank George Smith Partners, is in an advanced stage of default. The bankruptcy court has now approved the sale of the partial complete property. The lender is selling the note rather than foreclosing.
At the time construction had halted, three buildings were under construction. The first two buildings were 90% completed, housing 80 lofts. All that needed to be done were the finishes and some landscaping. The third building is roughly 50% complete. The sale has split the project into two parcels. The southern parcel contains the partially completed buildings.
Vantage Lofts is located in the upper valley of Henderson on Gibson, just minutes from the I215 beltway. The area is primarily single family homes. The District and McDonald Highlands golf course community are located nearby as well.
I would be surprised given the location and the work already done if the project was not eventually completed…at least the first phase of 110 lofts. Roughly 60 of the 110 were sold prior to the project running out of steam.
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