A consortium of lenders consisting of JP Morgan Chase, Wells Fargo and Credit Agricole has pushed the housing project, Inspirada, into bankruptcy, The Wall Street Journal reports. The lenders had provided $585 million to the Las Vegas project developers to buy and develop the land.

The builders, including KB Home, Toll Brothers and Meritage Homes, who have defaulted on the land loan, face more than $320 million in losses. KB Home may have to pay about $180 million in respect of the loans.

Click here for the story from The Wall Street Journal.