The Meridian Housing Project in Reno, Nevada, Seeks Refinancing After Default

The expansive housing development near Boomtown Hotel and Casino, west of Reno, is working to restructure its finances and refinance after receiving a foreclosure notice a few months ago due to a missed loan payment.

According to Washoe County records, a foreclosure notice was filed months ago against BT South and Reno Land Development Co., related to the Meridian 120 South real estate project. The 300-acre community south of Boomtown Hotel and Casino includes six planned villages spanning a total of 621 lots.

Investment broker Ted Stoever, who works with Kidder Mathews representing the owner, emphasized that refinancing is the critical first step in addressing the issue currently affecting the project. He explained, “We have some offers on the table, but the debt needs to be reorganized before we can finalize a sale.”

The foreclosure notice for Meridian 120 South occurred because, in the state of Nevada, a foreclosure notice can be filed at least 30 days after a borrower fails to make a payment. After the notice, the borrower has an additional 90 days to rectify the default before the lender can proceed with foreclosure and potentially auction the property.

According to the referenced foreclosure notice, the initial financial obligation for the Meridian 120 South real estate project was approximately $10.6 million but has since increased to $13.6 million. The same notice states that the lender is Mountain West REIT LLC, a Delaware-based limited liability company.

Speaking about the project, Meridian 120 South is a large-scale residential development located on Old Town Road in Verdi, Nevada, just a few kilometers from the city of Reno.

Originally, the development was planned to include single-family homes, townhouses, and condominiums. Although it initially faced opposition from local residents, it later received unanimous approval from the Reno City Council.

Regarding the developer, Reno Land Development was actively involved in several notable projects, including the revitalization of Rancharrah and the former Park Lane Mall site, as well as other projects such as the Summit Club apartments near the Shayden Summit mall and The Park at McCarran.

The financial difficulties of this project arise as the city of Reno grapples with a tight housing market, rising median home prices, and near-record rent levels. Additionally, increasing interest rates since 2022 have led to delays or cancellations of multiple developments.

Available Foreclosures:

Reno: 187 homes available

Verdi: 42 homes available

By Elías DaSilva | 05 de Marzo de 2025