Tuesday, December 24, 2013

Owners clear hurdles to revitalizing Mountain Shadows resort in Paradise Valley


The owners of the shuttered Mountain Shadows resort in Paradise Valley have hit two milestones that could lead to a revitalized property.

MTS Land LLC and MTS Golf LLC have entered into a settlement with their lender, U.S. Bank National Association, in Bankruptcy Court.

Rick Carpinelli, senior vice president of development for Crown Realty and Development, said the agreement contemplates that the debtor will receive the benefit of a discounted payoff if the loan is paid off within a specific time frame.

Read more...Owners clear hurdles to revitalizing Mountain Shadows resort in Paradise Valley

Reuters: Financial Services and Real Estate

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