February foreclosure set for Schlitterbahn’s island water park : Housing Help of SD

February foreclosure set for Schlitterbahn’s island water park

February foreclosure set for Schlitterbahn’s island water park

The money-losing Schlitterbahn water park and resort on North Padre Island could be auctioned off at a foreclosure sale in February if a deal for the property is not reached before then, under an agreement announced Monday in U.S. Bankruptcy Court in San Antonio.

About 270 acres surrounding the park and hotel, however, are slated to be sold at Tuesday’s foreclosure auction in Nueces County.

 Austin lender Axys Capital Credit Fund received court approval last week to foreclose on the 270 acres, collateral for about $16 million in loans made to Upper Padre Partners — the development partnership.
See original article at mysanantonio.com.

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IMPORTANT: The text in this website and product(s) sold on this website do not substitute for legal advice. Nor does the text substitute for real estate, financial, tax, bankruptcy or other professional advice. Housing Help of San Diego® and its Board Member(s) do not represent any government agency. Housing Help of San Diego® is a non-profit 501 (c)(3) tax-exempt organization; donations are deductible according to IRS Rules; California Nonprofit #C3686242.

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