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Cosmopolitan Casino project faces foreclosure in Las Vegas
Thursday, January 17, 2008 at 12:46:54 AM
Investment bank Deutsche Bank on Wednesday filed a notice of foreclosure on the $3 billion Cosmopolitan Resort & Casino project for a construction loan of $760 million that just matured, the developer confirmed.
Developer and owner Ian Bruce Eichner said his company, 3700 Associates LLC, was working with Deutsche Bank and Merrill Lynch to find new investors.
"This action by our lender comes as no surprise," Eichner said in a statement sent to The Associated Press. "With the current challenges within the real estate and debt capital markets, which are out of our control ... we both anticipated and planned for this."
Eichner blamed challenges in the real estate and debt markets for difficulty in raising capital for the project, which is now under construction.
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