La Quinta, CA: The City of La Quinta has taken decisive action against developer Robert Green and the SilverRock Development Company by issuing a Notice of Default in response to a foreclosure threat. This move was prompted by a Notice of Trustee’s Sale recorded by corporate investment firm Cypress Point Holdings, aimed at developer Robert Green and the SilverRock Development Company.
The City's response was swift, with the issuance of the Notice of Default to protect its interests. This marks the third default notice from the City to SDC, directly linked to Cypress's foreclosure action.
According to the terms outlined, Green and SDC have a limited timeframe to address the City's Notice of Default, separate from the existing deadline set for the project's capitalization by June 30, 2024. This situation arises from the Fifth Amendment of the Purchase, Sale, and Development Agreement.
The developments highlight the escalating tensions between the City of La Quinta and the developer Robert Green and the SilverRock Development Company, underscoring the importance of timely resolutions to safeguard all parties involved.