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Namwest, LLC - Arizona Developer

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2008-10-15

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stories: azcentral.com, yourwestvalley.com, azcentral.com

Arizona builder Namwest, LLC and nine affiliates have filed for Chapter 11 bankruptcy protection in the past few weeks. Cave Creek-based Namwest Palms LLC filed first in late September with its Monticello Estates project in El Mirage. That was followed by Phoenix-based parent Namwest LLC on 2008-10-09 and eight others on 2008-10-10, including Namwest-Glenrosa and 35th Avenue LLC, Namwest-101 Building LLC, Namwest-Brownstone LLC, Namwest-Dobbins LLC, Namwest-Sun City Manor LLC, Namwest-Town Lakes II LLC, Namwest 7th Street and Deer Valley LLC and Namwest Construction and Development LLC according to AZ Central. Principal Michael McBride is quoted as saying, "This is strictly caused by the market and the lack of funding. The capital has dried up, (and) the market and the lending has dried up." It goes on to state the Namwest-Palms filing "has been dismissed, but McBride said the company may refile."

"Namwest LLC listed its assets and liabilities as being worth $50 million to $100 million. The other firms listed assets and liabilities worth $1 million to $10 million."

YourWestValley reported on a stalled Sun City development:

"No homes have been built in Sun City Manor, but walls, streets and some infrastructure were placed in the subdivision next door to the Maricopa County Sheriff's Posse office.

The 140 homes that are supposed to be featured in Sun City Manor were to range from 1,568- to 1,822-square feet. Some units would have separate casitas and extra space for golf cars in the garage."

Plans for development in Tempe included "six towers, with condos, offices and retail space."

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Important: This company is on our list of builder operations that have "imploded" (see also ailing lenders). This is a somewhat subjective call, and does not necessarily mean total shutdown or bankruptcy. It can also mean steep and rapid declines in enterprise value; or abnormal "bail-out" by corporate parents or peers in order to continue to operate. The builders may be residential or commercial.