BOISE – A struggling Idaho resort’s centerpiece retail and condominium development are scheduled for a sheriff’s sale, a move slated to hand control of the property to the construction company that partially built it.
Seattle-based construction consortium Banner Sabey can submit a credit bid on Thursday for Tamarack Resort’s Village Plaza property because the company has first-lien position, worth $13 million.
Though a consortium led by Zurich-based Credit Suisse Group is owed more than $300 million, Banner Sabey and several other competing creditors have priority positions on several of Tamarack’s properties.
Already, 16 unfinished townhomes have gone to creditors.
Following these auctions, companies that wind up with the properties face a potentially monumental challenge: Deciding if it’s financially viable to combine Tamarack properties, either to sell them or to continue development themselves.