Trouble in Thousand Oaks – Rancho Serrano developers file Chapter 11
The developers of 22 upscale townhomes near the Thousand Oaks Civic Arts Plaza face civil claims that they failed to repay a $9.1 million construction loan and have filed for Chapter 11 bankruptcy.
The lawsuit and bankruptcy are the latest in a string of woes for residential real estate developers in the Tri-Counties who are dealing with frozen credit from both their own lenders and lenders to potential homebuyers. Over the past six months, at least three prominent condominium projects in the region have been sued for unpaid loans, taken off the market or have filed for bankruptcy.
Westlake Village-based Double R Real Estate Associates built Rancho Serrano Townhomes in central Thousand Oaks. First Regional Bank, the project’s Los Angeles-based lender, filed a lawsuit in Ventura County Superior Court on May 26 against Double R and its principals, Jon and Rochelle Rosenthal.