If the court approves the lender's application for a receiver on Friday, Shangri-La will lose financial and operational control of the Salinas project.
The lender, a Delaware-registered LLC called 1030 Fairview Loan, claimed Shangri-La failed to maintain insurance, allowed mechanic's liens to be recorded against the property and failed to complete construction by May 13, according to the cross-complaint.
#shangri-la-industries #project-homekey #defaulted-loans #cross-complaint #receiver #housing-for-homeless
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