Bank sues resort owners over unpaid loans, interest
BOISE – An Oregon bank has sued owners of the golf course at financially troubled Tamarack Resort, asking a judge to order the 18-hole lakefront course be sold to satisfy loans and interest of more than $3.5 million.
The claim filed by Pacific Continental Bank, of Eugene, this month is the latest against the failed central Idaho resort.
Investors in the development 90 miles north of Boise stand to lose millions of dollars after a collapsing real estate market, tight credit and a construction spending spree left them short of cash to finish buildings.
Zurich-based Credit Suisse Group is in the midst of a separate foreclosure battle as it seeks to recoup more than $300 million in syndicated construction loans, interest and penalties from Tamarack and its owners, Jean-Pierre Boespflug, Alfredo Miguel, Jerry Barnett and Richard Getty.
In its lawsuit, Pacific Continental alleges that West Mountain Golf LLC, owner of the Osprey Meadows golf course, is in default on a $3.5 million loan even after a pair of payment extensions since July 2008.
West Mountain Golf is 60 percent owned by Meridian, Idaho-based Hopkins Financial Services Inc., with 40 percent owned by Tamarack Resort.
“West Mountain Golf is in material default,” lawyers for the bank wrote in documents filed June 3 in 4th District Court.
“The bank has declared … the entire principal balance, together with all accrued interest, late fees and all sums secured thereby, immediately due and payable in full.”
Pacific Continental said it is owed principal and interest of $3.5 million, plus $583.33 that has been accruing each day since June 1.
It also said Boespflug, Miguel, Getty and Barnett had guaranteed to cover the resort’s lease payments for the golf course should it default.
West Mountain Golf had used payment guarantees as collateral for Pacific Continental’s $3.5 million loan in 2005.
Tamarack defaulted on its golf-course lease in early March, the same time the resort was closed by court-appointed receiver Douglas Wilson Co. after running short of operating money and posting massive losses from the ski season.
As a result, Pacific Continental contends the four Tamarack owners are on the hook for at least $313,167 in delinquent lease payments, plus ever-rising late and overdue fees, according to court documents.
Randy Hopkins, owner of Hopkins Financial, didn’t return multiple phone calls seeking comment.
Steve Millemann, a lawyer for Tamarack, said Thursday his clients hadn’t yet been served papers from Pacific Continental’s lawsuit.