SPARKS, NV - The developer of the Legends at Sparks Marina owes millions, according to a notice of default filed with the Washoe County Recorder. The notice states more than one-hundred forty million dollars is owed by RED Development to lenders. The notice could be the first step in foreclosing on the collateral.
The general manager of the Legends sent a statement, which stated the move was not unanticipated. The message stated the move is: "part of a refinancing effort by RED, one that will ultimately result in a new and improved financial structure for the center." It also stated refinancing: "will result in a better outcome for the center and the community it has long supported." During a phone call, the general manager said: "it's business as usual" at the Legends.
Legends opened in summer of '09. The highly-anticipated shopping center has seen some stores close, but others have moved in. A new Lowe's will be in-business at Legends in a few days.
The statement from Legends also stated RED Development will be providing more money to grow the Legends.