2024-04-17 LQ Press Release re SDC DefaultFrom: City of La Quinta, CA <LaQuintaCA@public.govdelivery.com>
Sent: Wednesday, April 17, 2024 2:31 PM
To: Monika Radeva
Subject: La Quinta, CA: City of La Quinta Issues a Notice of Default to Developer Robert Green
and SilverRock Development Company
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City of La Quinta Issues a Notice of Default to Developer Robert Green and SilverRock
Development Company
Post Date: 04/17/2024 2:29 PM
CITY OF LA QUINTA ISSUES A NOTICE OF DEFAULT TO DEVELOPER ROBERT GREEN AND THE
SILVERROCK DEVELOPMENT COMPANY
April 17, 2024
La Quinta, CA: On Wednesday April 17, 2024, a corporate investment firm for Talus, Cypress Point Holdings
(Cypress), recorded a Notice of Trustee's Sale against developer Robert Green and the SilverRock
Development Company (collectively, SDC) scheduling a foreclosure sale. As a result of the notice issued by
Cypress, the City of La Quinta immediately issued a Notice of Default to SDC in order to protect the city's
interests.
On January 10, 2024, Cypress delivered a notice of default and election to sell certain real properties identified
in a recorded deed of trust that are part of the Talus La Quinta development project. On February 20, 2024,
the La Quinta City Council proactively voted unanimously to authorize the City Attorney to initiate litigation
against SDC, if necessary, to protect the City's interests in connection with any Cypress foreclosure sale.
The City's Notice of Default, the third default notice from the City to SDC, is a result of Cypress's foreclosure
action.
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Green and SDC have 7 days to cure the City's Notice of Default, separate from his deadline to secure
capitalization of the project by June 30, 2024, as defined under the terms of the Fifth Amendment of the
Purchase, Sale, and Development Agreement.
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