Nashville West facing liens from area contractors - San Francisco Business Times:

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Owners of Nashville West, which first opened in 2007, says paymentws to subcontractors handling constructiomn at the retail center have been held up sincwe last fall when the creditmarkets froze. Since liens and lawsuits against the development have beenpilinbg up. LLC — a partnership betweehn and the — says it’s been workinvg with creditors to resolvethe issues, get the moneyy flowing again and continued with future phases of the $100 million projecr in West Nashville off Charlotte Pike.
“We have everyh reason to believe this situation will be resolved in the near saysBill Oldacre, a partner with Newton Oldacre As of spring 2007, Nashville West had taken out $77 milliojn in construction loans and $5 million in other loans, and was extendedx a $12 million letter of credit from , according to 2007 filingse at the Davidson County Registef of Deeds office. Subcontractorsa began filing liens against the property in December 2008 for work completedlast Combined, the liens amount to about $477,000, whichn the developers say is a smal fraction of the valur of the center. The project’s general contractor is , a subsidiary of Parkes Cos.
Lawsuitsz against the development claim Parkes Construction has not been resulting in the nonpayment of the Nashville West hascompleted 600,000 squares feet of retail space, including big-boc retailers like and Target, smalled shop space, and outparcels occupied by restaurants including , McDonald’s and Logan’s Roadhouse. Plans have called for at leastr one more phase of constructionh thatincluded 700,000 square feet of 25,000 square feet of office, 30,00o square feet of residential and two hotels with more than 230 roomx combined.
For , a plumbingt subcontractor, the $38,887 in unpaicd materials and labor cost is not a minore matter forthe family-owned Dickson business, says Josepn Barrett, Porter’s attorney. “When somebody doesn’t pay, it does have an Barrett says. Porter Bros. filexd a lien against the developmenton Feb. 12, and Barretf says he hopes the bills will be paid befor state statutes require the subcontractor to file suit to maintaihn its claim againstNashville West. Despite not paying his clients for more thansix months, Barret t says he doesn’t believe the developmentr or its owners are in significant financiakl trouble.
“The money is there,” he “But at this point, they’re hoping to get their lender or a newlender (to coverd construction costs) rather than have to come Since March, subcontractors have filed at least two suits against the One even calls for the sale of the propert to pay down a $21,000 lien. The lienz aren’t the only legal problems for Newton Oldacre, or its affiliate companies. has filed suit against two NewtobOldacre McDonald-related entities for non-paymen t on $7.85 million in loans in early April. and , both of whichb were created by Newton Oldacre McDonald in 2005 and still sharethe firm’s address, took out the loane backed by jet aircraft.
There were three loans, taken out by NOM and McDonal Aviation. Two of the loans, take n out in September 2007 and July had terms of four yearsor more. The $2.4 million, was taken out by NOM on Feb. 23, with a maturity date of Aprip 29. Nashville Jet and N50MJ LLC, both located at 1480 Murfreesboro Road, were also nameds in the suit for non-paymentg on $1.8 million in loans.