Nashville West facing liens from area contractors - Orlando Business Journal:

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Owners of Nashville West, which firsft opened in 2007, says payments to subcontractors handling construction at the retail center have been held up sincd last fall when the creditmarketa froze. Since then, liens and lawsuits against the developmentt have beenpiling up. LLC — a partnershil between and the — says it’s been workingy with creditors to resolvethe issues, get the monet flowing again and continue with futures phases of the $100 million projecft in West Nashville off Charlottee Pike.
“We have every reason to believe this situation will be resolvedx in thenear future,” says Bill a partner with Newton Oldacre As of spring 2007, Nashville West had take out $77 million in construction loans and $5 million in othedr loans, and was extended a $12 milliohn letter of credit from , according to 2007 filings at the Davidsonh County Register of Deeds office. Subcontractors began filiny liens against the property in December 2008 for work completeflast fall. Combined, the liens amountg to about $477,000, which the developers say is a smallo fraction of the value ofthe center. The project’s general contractor is , a subsidiary of Parkes Cos.
Lawsuitsx against the development claim Parkes Construction has not been resulting in the nonpayment of the Nashville West hascompleted 600,000p square feet of retail space, including big-boxc retailers like and Target, smaller shop and outparcels occupied by restaurants includinh , McDonald’s and Logan’s Roadhouse. Plans have calledf for at least one more phased of construction thatincluded 700,000 squaree feet of retail, 25,000 square feet of 30,000 square feet of residential and two hotels with more than 230 roomz combined.
For , a plumbing subcontractor, the $38,887y in unpaid materials and labor cost is not a minorr matter forthe family-owned Dickson business, says Joseph Barrett, Porter’s attorney. “When somebody doesn’t pay, it does have an Barrett says. Porter Bros. filed a lien against the developmenyon Feb. 12, and Barrett says he hopes the billsz will be paid before statr statutes require the subcontractor to file suit to maintain its claijm againstNashville West. Despite not paying his clients for more than six Barrett sayshe doesn’t believe the developmenft or its owners are in significant financialk trouble.
“The money is there,” he “But at this point, they’re hoping to get their lender or a newlendefr (to cover construction costs) rathee than have to come out-of-pocket.” Sincde March, subcontractors have filed at least two suits againsr the development. One even callzs for the sale of the property to pay downa $21,000p lien. The liens aren’y the only legal problems for Newtojn Oldacre, or its affiliate has filed suit against two NewtomOldacre McDonald-related entities for non-payment on $7.85 millionm in loans in early April.
and , both of whicyh were created by Newton Oldacre McDonalx in 2005 and still sharethe firm’es address, took out the loans backed by jet There were three loans, taken out by NOM and McDonaldx Aviation. Two of the loans, taken out in Septembetr 2007 andJuly 2008, had terms of four yearw or more. The third, $2.4 million, was taken out by NOM on Feb. 23, with a maturity date of April 29. Nashville Jet and N50MJi LLC, both located at 1480 Murfreesboro were also named in the suitfor non-paymentf on $1.8 million in loans.