Contractors win protections at Landmark, Meridian
By John Rebchook on November 2, 2009 · Comment · 
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The Landmark development in Greenwood Village filed for bankruptcy Aug. 30.
The general contractor and 26 subcontractors owed more than $2.3 million for work on the bankrupt Landmark and Meridian condominium towers in Greenwood Village have won an important agreement in bankruptcy court in Denver that protects their ability to be paid.
At the heart of the matter is an additional $30 million that developer Zachary Davidson’s group is poised to get from its main lender, Hypo Real Estate Capital Corp., the subject of an earlier InsideRealEstateNews.com blog today. Davidson’s group, 7677 East Berry Avenue Associates LP, already is on the hook to Hypo for more than $90 million. The additional $30 million in debtor-in-possession financing would be instead of $15 million in DIP financing from Carmel Partners in San Francisco, which Davidson had announced soon after filing for Chapter 11 reorganization bankruptcy on Aug. 30., citing $168 million in assets and $116 million in liabilities.
Read more from John Rebchook at his blog, InsideRealEstateNews.com. Rebchook wrote about residential and commercial real estate for 26 years at the Rocky Mountain News.
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