Vantage Lofts valued at $3.93 million

The bankrupt Vantage Lofts project in Henderson was valued at $3.93 million in a liquidation analysis of debtor assets filed in November, according to court documents.

The unfinished 110-unit first phase of the condo project was acquired by White Knight Venture Fund No. 7 in February, though Clark County Assessor's records show no sales amount or real estate transfer tax.

Investors will spend about $15 million to complete the project, which will take about six to nine months, said Richard Crighton, principal of Rothwell Gornt Cos. and a partner in the fund. The firm specializes in acquiring distressed assets.

Court documents name R.E. Loans of California as senior lender on Vantage Lofts in the amount of $39.75 million, with Scripps Investments and Loans in second position for $32.5 million.

In the bankruptcy compromise, R.E. Loans received a 9.5-acre parcel of vacant land believed to be worth $1.8 million. Scripps received a 3.5-acre parcel with a speculative value of $400,000.

Slade Development used the money from R.E. Loans and Scripps to acquire 20 acres at Paseo Verde Parkway and Gibson Road in 2004 and start construction on the first phase of the midrise luxury condo project in 2006.

Construction was halted in March 2008, and it remained as a monument to the real estate crash that left several unfinished projects around Las Vegas Valley. Slade filed for Chapter 11 bankruptcy in June 2008 and estimated it would cost $15 million to complete the first phase.

Crighton said application for building permits will be submitted to the city of Henderson in the next 10 days. The original plan called for 300 units at full build-out.

Crighton did not elaborate on prices. The units, ranging from 1,000 square feet to 2,800 square feet, were priced from $400,000 to $1.6 million, or about $450 a square foot, when the project was announced.

Vantage Lofts is the latest acquisition of failed condo projects in Las Vegas. The former Luxe Lofts on Tropicana Avenue was purchased last year for $6.7 million and rebranded as The Modern. Mira Villa condos in west Las Vegas was purchased out of bankruptcy by a consortium of lenders for $38 million.

Contact reporter Hubble Smith at hsmith@reviewjournal.com or 702-383-0491.