As owners of the Ritz-Carlton Residences in San Francisco continue to struggle, the Ritz-Carlton Highlands Lake Tahoe near Northstar-at-Tahoe is scheduled to hit the courthouse steps in Roseville this afternoon with $164,717,243 in principal, interest and fees due on two loans totaling $157,000,000.
From the managing partner of the development in back in April 2010:
“We’re working closely with the bank to address some financing-related matters, and once those are resolved, the outstanding balance will be paid,” Riva said. “We hope to resolve this in the next 60 days.”
It’s now 437 days later and Bank of America has grown tired of banking on hopes.
∙ A Violation Of Trust [SocketSite]
∙ The Ritz-Carlton, Lake Tahoe [ritzcarlton.com]
∙ Bank of America files notice of default on Ritz-Carlton Highlands Lake Tahoe [sierrasun]