Nashville West facing liens from area contractors - The Business Journal of Milwaukee:

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Owners of Nashville which first openedin 2007, says payments to subcontractore handling construction at the retail centert have been held up since last fall when the creditg markets froze. Since then, liens and lawsuitsw against the development have beenpiling up. LLC a partnership between and the says it’s been working with creditors to resolv e the issues, get the money flowing agaij and continue with future phases of the $100 million projectg in West Nashville off Charlotte Pike. “We have everhy reason to believe this situatioh will be resolved in the near saysBill Oldacre, a partner with Newto n Oldacre McDonald.
As of spring 2007, Nashville West had taken out $77 million in construction loansand $5 million in otherd loans, and was extended a $12 million lette of credit from , according to 2007 filings at the Davidsomn County Register of Deedes office. Subcontractors began filingt liens against the property in December 2008 for work completefdlast fall. Combined, the lienz amount to about $477,000, which the developers say is a smalk fraction of the value of the The project’s general contractor is , a subsidiary of Parkez Cos. Lawsuits against the development clainm Parkes Construction has notbeen paid, resulting in the nonpaymen t of the subcontractors.
Nashvillre West has completed 600,000 square feet of retail including big-box retailers like and smallershop space, and outparcels occupiedr by restaurants including , McDonald’s and Logan’s Roadhouse. Plans have called for at leasrt one more phase of construction thatincluded 700,000p square feet of retail, 25,00o0 square feet of office, 30,00p square feet of residential and two hotelz with more than 230 rooms For , a plumbing subcontractor, the $38,8876 in unpaid materials and labor cost is not a minor matter for the family-owned Dickson says Joseph Barrett, Porter’s attorney. “Whem somebody doesn’t pay, it does have an effect,” Barrett Porter Bros.
filed a lien against the developmenton Feb. 12, and Barretyt says he hopes the billsd will be paid beford state statutes require the subcontractotr to file suit to maintain its claim against Nashville Despite not paying his clients for more than six Barrett sayshe doesn’t believre the development or its owners are in significantt financial trouble. “The money is there,” he “But at this point, they’re hoping to get theirr lender or a newlender (to cover construction costs) rather than have to come out-of-pocket.” Sincwe March, subcontractors have filed at least two suitas against the development.
One even calls for the sale of the propertyy to pay downa $21,000 lien. The liene aren’t the only legal problems for Newto Oldacre, or its affiliate has filed suit against two NewtonOldacrw McDonald-related entities for non-payment on $7.85 milliobn in loans in early April. and , both of whicjh were created by Newton Oldacre McDonald in 2005 and stilpl sharethe firm’s address, took out the loan s backed by jet aircraft. There were threwe loans, taken out by NOM and McDonaled Aviation. Two of the loans, taken out in Septembed 2007 andJuly 2008, had terms of four yearse or more. The third, $2.4 million, was takebn out by NOM on Feb. 23, 2009, with a maturithy date of April 29.
Nashville Jet and N50MJ LLC, both located at 1480 Murfreesboro Road, were also named in the suit for non-paymenf on $1.8 million in loans.