AUSTIN, Texas – Texans CU, a credit union giant being run by NCUA, is scheduled to foreclose next week on the Lakeway Resort and Spa, a 174-room luxury hotel, the latest troubled venture financed by the credit union.
A loan on the property with an outstanding balance of $21 million is held by Texans’ wholly owned member business loan CUSO, CU Liquidity Services, which is scheduled to foreclose July 3.
Texans, a one-time $2.2-billion credit union, was taken over by NCUA a year ago amid tens of millions of dollars in troubled MBLs. Among them were loans financing a Chicago shopping mall, a Dallas condo development, a water park resort in Tennessee, a Delaware hotel, a residential development in Mississippi, and a mixed-use development in Rockwall, Texas.
Lakeway Resort will remain open throughout the foreclosure process.