Galveston’s Pointe West posted for foreclosure

Huge west end development

David Crossley, Nov 02, 11.

Lenders have posted the 1,000-acre Pointe West property on Galveston’s western tip for a Dec. 6 foreclosure sale, forcing layoffs of the resort development’s hospitality and sales staff and the closure of clubs, pools, fitness rooms, and other amenities, according to a story in the Galveston Daily News:

“We regret that market conditions and other economic factors have led the lenders to these decisions,” said Jason Leeds, president and COO of Terramesa Resort Properties in a Nov. 1 letter to owners and employees.

In April 2008, Dallas-based real estate investment firm Macfarlan Capital Partners acquired Pointe West and four other resort properties from Centex Corp. Pointe West, along with two second-home developments near Austin and those in Tuckasegee, N.C., and Lincoln, N.H, became part of Macfarlan’s Terramesa Resorts brand.

Terramesa officials did not immediately respond to phone calls. MORE