Four Nigro projects file for bankruptcy
Four projects undertaken by Nigro Development have filed for Chapter 11 bankruptcy protection.
The properties include the 43,000-square-foot Horizon Village shopping center in Henderson, a 134-room Hampton Inn hotel in Henderson, the 86,000-square-foot Desert Canyon Business Park in Las Vegas and a 25,000-square-foot professional office building, also in Las Vegas. The total debt on the projects, which had separate loans and separate ownership structures, was almost
$40 million.
In each instance, Wells Fargo held the mortgage and declared a default, even though Todd Nigro said he had made the interest-only payments as required under the loan documents. When the loans came due at different times earlier this year, he was unable to line up alternate financing.
Nigro and his brother Michael head the development company founded by their father, Edward Nigro, in 1979. Besides building for itself, the company has been a contractor and manages properties for investors.
The company has also ventured into different types of developments, including retail, offices, housing and lodging.
Last year, the company put its 600-room Siena Suites in Las Vegas into Chapter 11, to rewrite the $40.6 million in debt.
Contact reporter Tim O'Reiley at
toreiley@reviewjournal.com or 702-387-5290.
