Local News
North Padre Island Schlitterbahn Park & Resort May Soon See Foreclosure
Though the Schlitterbahn water park in New Braunfels is always packed with families ready to spend a day in the sun, the North Padre Island Schlitterbahn park hasn’t had the same success. Chron.com explains that the waterpark and resort faces a February foreclosure unless a deal involving the property is made before then.
“Austin lender Axys Capital Credit Fund received court approval last week to foreclose on the 270 acres, collateral for about $16 million in loans made to Upper Padre Partners — the development partnership,” the news writes. This certainly dashes the original plans for the property, which included a residential area and a marina.
The Corpus Christi Caller-Times writes that 270 acres surrounding the land that the North Padre Island Schlitterbahn sits on were auctioned off this week for $9 million to “Axys Capital Credit Fund, one of the groups that provided a line of credit for Schlitterbahn to develop the resort.” The Corpus Christi Caller-Times adds that this isn’t the only time this theme park has been in this type of financial hot water. There were several liens set on the property since 2016, and even while the park was being built, there were a number of monetary setbacks and roadblocks to overcome.
