Developer Darren Casey’s various businesses have been facing a cash flow crunch and pressure from lenders, including one that moved to foreclose.
Prominent San Antonio builder Darren Casey is in a world of hurt. With his various operations facing a cash flow crunch and pressure from lenders, Casey has sought bankruptcy protection for 31 of his businesses.
All but three of the businesses filed last week in U.S. Bankruptcy Court in Fort Worth on its “Mega Docket,” which handles huge cases with assets or liabilities of $50 million or more. The other three were also filed in Fort Worth but not on the Mega Docket. All told, the 31 businesses have more than $50 million in assets and $25 million in debt, court filings indicate. Casey has developed millions of square feet of multifamily, industrial, commercial and office buildings, primarily in the San Antonio area, though he also has projects in the San Marcos and Austin areas. READ MORE: San Antonio-based builder Darren Casey talks about dealmaking and development He's also a major donor to his alma mater, Texas State University. The school’s athletic administration complex was named after him after he made what was then the single largest gift to the athletics department in 2008. His flagship business, Casey Development Ltd., formed in 1989, did not file for bankruptcy protection. Its headquarters are at 200 E. Basse Road, the former home of radio behemoth iHeartMedia Inc. Neither Casey nor Davor Rukavina, a Dallas bankruptcy lawyer representing the businesses, responded to requests for comment Wednesday. Casey has filed an emergency motion asking the court to consolidate all of the bankruptcies into one case. A hearing on that and other requests is set for Friday before Judge E. Lee Morris. One of the court filings shows that various businesses collectively borrowed at least $217 million. Casey, who didn’t personally file for bankruptcy, is a guarantor on substantially all of the loans, the document adds. The loans also are secured by real estate in Bexar, Comal, Travis and other counties in Texas. The lenders include Galveston-based American National Insurance Co., Cincinnati-based Fifth Third Bank, San Antonio’s Jefferson Bank, Amarillo-based FirstBank Southwest and Live Oak’s Randolph-Brooks Federal Credit Union. Among the businesses to file for bankruptcy were Casey Ventures Inc., Baxter Contracting LLC, River Mill NB LLC, Stone Oak Retail Partners Ltd. and TAWR Property Owner Ltd. Casey has built apartments, retail centers and self-storage facilities in the San Antonio, San Marcos and Austin areas, including multiple multifamily complexes under the “Tacara” moniker. The company has sold some of those holdings, but has more in various stages of development, according to its website. SA INC.: Get the week’s top local business stories in your inbox A Tuesday court filing says the Casey businesses spent many months working with various lenders to work out debt payment agreements and other out-of-court solutions — apparently to no avail. Then, on Jan. 12, Randolph-Brooks sent notice of its intent to foreclose Feb. 3 on property in Bexar County. It made a nearly $7.4 million loan on vacant land in the 22600 and 22700 blocks of U.S. 281 that was targeted for a mixed-use project. The bankruptcies filed on Feb. 2 stopped Randolph-Brooks’ foreclosure. The next day, Fifth Third Bank, which made a $44.6 million loan that appears to be for an apartment complex called Tacara at Weiss Ranch in Pflugerville in Travis County, sent a notice of default and acceleration. That also raised funding issues with an apartment project called Tacara at Steubing Heights in San Antonio. The bank loaned $36 million for that project. At the same time, the lender for River Mill NB alleged the partnership had breached loan covenants and sought to accelerate its debt repayment, according to the filing. River Mill NB involves the redevelopment of an old textile mill along the Guadalupe River in New Braunfels, where Casey has had plans to build apartments, offices, retail space and a high-end hotel. It received a $16.7 million loan from BCL-CRE 3 LLC. River Mill NB has made little progress, and the property has been dubbed a nuisance in recent years, with people using the mill as a makeshift diving platform and covering it with graffiti. Last summer, the city installed fencing near the Faust Street Bridge, which spans the river near the mill, to block access to the area. READ MORE: New Braunfels fenced off river area, and saw big drop in police calls The businesses’ other assets and operations experienced similar strain, the filing says. The companies want bankruptcy court permission to use cash earmarked as collateral on various loans to pay expenses to maintain the properties and support the reorganization efforts. It’s not clear if any of the lenders will oppose the effort. The businesses also want access to cash to pay employees, suppliers, vendors and utilities.
U.S. Bankruptcy Court Fifth Third Bank Iheartmedia Casey Development Ltd. Jefferson Bank Texas State University Firstbank Southwest Randolph-Brooks Federal Credit Union American National Insurance Co. Baxter Contracting LLC Stone Oak Retail Partners Ltd. TAWR Property Owner Ltd BCL CRE 3 LLC Casey Ventures Inc. Darren Casey E. Lee Morris Davor Rukavina Tacara At Weiss Ranch Randolph-Brooks San Antonio New Braunfels Fort Worth 200 E. Basse Road Faust Street Bridge Austin San Marcos Texas Travis Bexar Live Oak Guadalupe River Comal Amarillo Cincinnati Galveston Dallas River Mill NB Travis County U.S. 281 Pflugerville Steubing Heights Mega Docket SA INC.
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