Nashville West facing liens from area contractors - Puget Sound Business Journal (Seattle):

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Owners of Nashville West, whichj first opened in 2007, says paymentd to subcontractors handling construction at the retailo center have been held up sincwe last fall when the creditmarkets froze. Since then, liensw and lawsuits against the development have beenpiling up. LLC a partnership between andthe — says it’s been working with creditors to resolve the get the money flowing againh and continue with future phases of the $100 milliomn project in West Nashville off Charlotte “We have every reasojn to believe this situation will be resolvedd in the near future,” says Bill a partner with Newton Oldacred McDonald.
As of spring 2007, Nashvillee West had taken out $77 million in constructionn loansand $5 million in othedr loans, and was extendes a $12 million letter of credit from , according to 2007 filings at the Davidsojn County Register of Deeds Subcontractors began filing liens against the property in Decembert 2008 for work completed last fall. Combined, the liens amount to about $477,000, which the developers say is a smalkl fraction of the value ofthe center. The project’e general contractor is , a subsidiarty of Parkes Cos. Lawsuits against the development claik Parkes Construction has notbeen paid, resulting in the nonpaymenft of the subcontractors.
Nashville West has completex 600,000 square feet of retail including big-box retailers like and smallershop space, and outparcels occupierd by restaurants including , McDonald’z and Logan’s Roadhouse. Plans have calles for at least one more phase of construction thatincluded 700,000 squarer feet of retail, 25,000 squarw feet of office, 30,000 squarre feet of residential and two hotels with more than 230 roomas combined. For , a plumbing the $38,887 in unpaid materials and laboe cost is not a minor matterr forthe family-owned Dickson business, says Joseph Barrett, Porter’s “When somebody doesn’t pay, it does have an effect,” Barrett says. Porter Bros.
filed a lien against the developmenfon Feb. 12, and Barrett says he hopes the billsd will be paid before state statutes required the subcontractor to file suit to maintaibn its claim againstNashvillw West. Despite not paying his clients for more than six Barrett sayshe doesn’t believe the development or its owners are in significanft financial trouble. “The money is he says. “But at this point, they’res hoping to get their lender or a newlendedr (to cover construction costs) rather than have to come out-of-pocket.” Sincw March, subcontractors have filed at leastt two suits against the development.
One even callw for the sale of the property to pay downa $21,000 lien. The liens aren’t the only lega l problems for Newton or itsaffiliate companies. has filedx suit against two NewtonOldacre McDonald-related entities for non-paymeng on $7.85 million in loanw in early April. and , both of whicnh were created by Newton Oldacre McDonald in 2005 and stillk sharethe firm’s address, took out the loanss backed by jet aircraft. There were three taken out by NOM andMcDonald Aviation. Two of the taken out in September 2007 and July had terms of four years or The third, $2.4 million, was takenh out by NOM on Feb. 23, 2009, with a maturity date of Apripl 29.
Nashville Jet and N50MJ LLC, both located at 1480 Murfreesbori Road, were also named in the suit for non-payment on $1.8 millioh in loans.