McWhinney to buy distressed mall in Fort Collins
McWhinney Real Estate Services Inc. has been cleared by a state judge to purchase the distressed Foothills Mall in Fort Collins.
In filings made last week in Larimer County District Court, the Loveland-based McWhinney was approved to purchase the property in Midtown Fort Collins. The sale price was not disclosed.
The Foothills mall was placed in receivership after the bank backing its construction loan filed a foreclosure demand in early December. Chicago private-equity firm Walton Street Capital and Greenwood Village-based Alberta Development Partners LLC, which developed and co-owned the mall, were delinquent on the $46.59 million remaining on the original $145 million loan.
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Colorado
United-states
Larimer-county
Johnstown
Front-range
Loveland
Chicago
Illinois
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Greenwood-alberta-development-partners
FORT COLLINS McWhinney Real Estate Services Inc. has been cleared by a state judge to purchase the distressed Foothills Mall in Fort Collins.
In filings made last week in Larimer County District Court, the Loveland-based McWhinney was approved to purchase the property in Midtown Fort Collins. The sale price was not disclosed.
The Foothills mall was placed in receivership after the bank backing its construction loan filed a foreclosure demand in early December. Chicago private-equity firm Walton Street Capital and Greenwood Village-based Alberta Development Partners LLC, which developed and co-owned the mall, were delinquent on the $46.59 million remaining on the original $145 million loan.
Fort-collins
Colorado
United-states
Larimer-county
Johnstown
Front-range
Loveland
Chicago
Illinois
Denver
Greenwood-alberta-development-partners
FORT COLLINS The Foothills mall has been given until April 6 next year for its owners to say they’ll become current on the remainder of its $145 million commercial loan currently in foreclosure. The date was revealed in a foreclosure filing to Larimer County officials Wednesday. If the ownership groups fail to give their intent to cure the foreclosure demand by then, the mall would go to a foreclosure auction on April 21. BizWest first reported that the Fort Collins mall was soon to receive a formal foreclosure notice earlier this month, when lender MUFG Union Bank N.A. filed suit against the mall’s ownership groups to put the property into receivership. In that suit, Union Bank claims that Chicago-based private-equity firm Walton Street Capital and Greenwood Village-baed Alberta Development Partners LLC owe just more $46.59 million on the original loan in 2014, and failed to make a scheduled debt payment in early October. Representatives for Walton Street and Alberta did
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