RED, the developer of the Outlets at Legends in Sparks, Nev., has defaulted on $141 million in private loans used to construct most of the 148-acre retail development, according to published reports.

A company spokeswoman told the Reno Gazette-Journal that the development is going through a strategic foreclosure that will enable it to refinance debt held by nine banks. RED filed a notice of default with Washoe County.

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