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Colony 1209, a steel-gray apartment building, opened six years ago in the heart of Bushwick, an industrial vision of urban chic, with a billiards room and 24-hour doorman. The website pitched one bedrooms for $2,500 to “like-minded settlers” in the mostly Black and Hispanic neighborhood, which it called Brooklyn’s “new frontier.” Now Colony, renamed Dekalb 1209, faces foreclosure after owner Spruce Capital Partners defaulted on a $46 million mortgage. The five-year interest-only loan matured in October and was not extended, triggering the default, according to monthly filings by the loan’s servicer, Wells Fargo & Co. The lender is filing to repossess the building as soon as New York’s foreclosure moratorium expires while simultaneously discussing workout alternatives with the borrower. Spruce could not be reached for comment.

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