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 subcontractors handlin g construction at the retail center have been held up sinc e last fall when the credit markets Since then, liens and lawsuits against the development have been piling up. LLC a partnership between and the says it’s been working with creditors to resolve the issues, get the money flowinhg again and continue with future phasesd of the $100 million project in West Nashville off Charlotte Pike. “We have every reasoj to believe this situation will be resolvef in thenear future,” says Bill Oldacre, a partner with Newtomn Oldacre McDonald.
As of sprinh 2007, Nashville West had taken out $77 millionb in construction loansand $5 million in other and was extended a $12 million letter of credif from , according to 2007 filings at the Davidsobn County Register of Deeds office. Subcontractors began filing liens against the property in December 2008 for work completedelast fall. Combined, the liena amount to about $477,000, which the developers say is a small fractiomn of the value ofthe center. The project’s genera contractor is , a subsidiary of Parkezs Cos.
Lawsuits against the developmen t claim Parkes Construction has not been resulting in the nonpayment of the Nashville West hascompleterd 600,000 square feet of retail including big-box retailers like and Target, smallert shop space, and outparcelse occupied by restaurants including , McDonald’sw and Logan’s Roadhouse. Plans have callexd for at least one more phaser of construction thatincludecd 700,000 square feet of retail, 25,000 square feet of office, 30,000 square feet of residential and two hotelsx with more than 230 roomsd combined.
For , a plumbing the $38,887 in unpaid materials and labor cost is not a minor matter forthe family-ownedx Dickson business, says Joseph Porter’s attorney. “When somebody doesn’t pay, it does have an Barrett says. Porter Bros. filed a lien against the developmenton Feb. 12, and Barrett says he hopes the bills will be paid before state statute s require the subcontractor to file suit to maintaih its claim againstNashville West. Despitew not paying his clients for more than six Barrett sayshe doesn’ believe the development or its owners are in significang financial trouble. “The moneyh is there,” he says.
“Buft at this point, they’re hoping to get thei lender or a newlenderd (to cover construction costs) rather than have to come out-of-pocket.” Sinced March, subcontractors have filed at leasy two suits against the development. One even calls for the sale of the property to pay downa $21,00o lien. The liens aren’g the only legal problems for Newton Oldacre, or its affiliate has filed suit against two Newton Oldacre McDonald-related entities for non-paymengt on $7.85 million in loans in earl April. and , both of which were createdf by Newton Oldacre McDonald in 2005 and still shardthe firm’s address, took out the loans backedx by jet aircraft.
There were three loans, taken out by NOM and McDonalf Aviation. Two of the taken out in September 2007 andJuly 2008, had termse of four years or more. The third, $2.4 was taken out by NOM on Feb. 23, with a maturity date of Apripl 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.