IBC Bank Takes Over Schlitterbahn Riverpark

IBC Bank now owns the Schlitterbahn Riverpark & Resort on North Padre Island. The bank paid $20 million for the 270-acre property through a foreclosure auction, after a bankruptcy trustee was unable to find another buyer.

The foreclosure sale came a year after Upper Padre Partners, formed to build and manage the park and a surrounding development, entered bankruptcy protection to thwart a foreclosure on the property, which included the park, hotel and two undeveloped tracts.

IBC Bank’s Dennis Nixon said the bank wants to find a new owner. “Occasionally, we have a customer who the wheel comes off,” Nixon commented, in an interview. “But, we’re hopeful that this will be a transient process and we’ll own it for a very short period of time.” IBC was the park’s largest secured creditor.

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