Newhall Land venture misses loan payment

This article was originally on a blog post platform and may be missing photos, graphics or links. See About archive blog posts.

Breaking News from the Los Angeles Business Journal: The joint venture of homebuilders that is planning to build Newhall Ranch, a 21,000-home development in the Santa Clarita Valley, has missed a payment on its $1.1-billion loan.

From the LABJ: ‘LandSource, a venture of three homebuilders, defaulted April 22 on a first-lien loan it received as part of a $1.55-billion refinancing in March 2007 led by Barclays Capital Inc. and syndicated with 100 lenders.’

More: ‘ ‘[LandSource] did go into default but they are still talking to the lenders about restructuring the debt or modifying the terms,’ said Tamara Taylor, a spokeswoman for LandSource. ‘The hope is that they will be able to renegotiate the terms of the loan to everybody’s satisfaction.’ ‘

Your thoughts? Comments? E-mail story tips to peter.viles@latimes.com
Hat tip: WA via e-mail.
Photo Credit: Future site of Newhall Ranch development, by L.A. Times.