Unglaublich! Germans Say Victory Park Could Default
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Things aren't that victorious for Victory Park.
Talk about your Global Economics -- the Financial Times of Germany reports that Dallas' Victory Park is in danger of defaulting on its loans.
Investors in the project are reportedly receiving letters stating the Hillwood development company may be too low on cash to make payments into the project.
The Dallas Morning News attempted to contact the Hillwood group for comment before going to press, but the developer (unsurprisingly) was silent.
Victory Park's latest plan to cut back on the snob factor and add mid-range retail spaces was designed to help the embattled area around the AAC, but it may have been too little, too late, as creditors come to call.
UPDATE: PR for Victory Park sent alonga statement from Hillwood's CEO to Unfair Park:
Hillwood operates several highly diversified, well capitalized groups of companies with many successful projects. This development, Victory Park, like many other U.S. developments, has been impacted by the tremendous downturn in the economy. We are having extensive discussions with our investment partners and remain confident in the long term viability of the project.
Translated from PR speak, that statement says, "Uh, the economy screwed us and we're trying to not default by talking to our lenders."
Posted Wednesday, Jul 29, 2009 - 8:41 AM CST
