Business

In lawsuit seeking receivership, lender calls Cedars developer 'insolvent'

Rendering shows the Cedars Lodge & Spa when it was announced in 2022.

By Bill Moss, Published: June 1, 2026

The lender of a $32 million construction loan for the building of the Cedars condominium project in downtown Hendersonville has filed a lawsuit seeking the appointment of a receiver to take control of the property, declaring in the suit that the loan was in default as of Dec. 31 and asserting that the developer is insolvent or “in imminent danger of insolvency.”