DENVER-Gencom Group, a Miami-based hotel and resort developer, has been asked to alter its securitized mortgage of $61 million on the Ritz-Carlton Bachelor Gulch in Avon situated near Vail, Colorado, due to its unwillingness to manage the debt-service shortfalls of the property.
A modification proposal was recently sent by Gencom to LNR Partners Inc., the servicer supervising the Ritz's mortgage. On Tuesday, a Gencom adviser declined to disclose details on the proposed changes to the loan terms. For the full story, go to Wall Street Journal.
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