SANTA CLARITA - The joint venture that owns Newhall Land & Farming Co. has defaulted on a $1.1 billion loan and is working with creditors to restructure the debt, a spokeswoman said.
LandSource Communities Development LLC is a joint venture of Miami-based Lennar Corp., LNR Property Corp., and a firm that invests money for the California Public Employees Retirement System.
According to the Los Angeles Business Journal, LandSource defaulted April 22 on a loan it received as part of a $1.55 billion refinancing in March 2007 led by Barclays Capital Inc.
It's unclear what impact this loan default will have on the Newhall Ranch project - nearly 21,000 homes planned for 12,000 acres west of Interstate 5 and mainly south of Highway 126.
"The owners of our company are still working with their lenders and considering all their options to restructure their debt," said Marlee Lauffer, spokeswoman for Newhall Land
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