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Local developer set to buy Denver Mart complex
Thomas Gounley photos)
The sprawling Denver Mart complex north of the city is slated to be sold to an entity affiliated with Denver-based developer Westfield Co.
The receiver recently appointed to oversee the property has been directed to sell it to Denver Mart Industrial Partners JV LLLP, according to Adams County court records.
That entity lists Westfield’s headquarters in RiNo as its address, and Westfield partner and Chief Financial Officer Steve Taniguchi as its registered agent. A company executive did not respond to requests for comment on Monday.
The court filings do not detail the expected sale price.
Receiver appointed for Denver Mart ahead of expected sale
Courtesy of Google Maps)
A receiver has been appointed to oversee the Denver Mart property north of the city, ahead of its expected sale.
Greenwood Village-based Cordes & Co. was named receiver last week by a district court judge in Adams County, where Denver Mart a sprawling complex that often hosts trade shows and similar events is located.
Deutsche Bank Trust Company Americas, acting as a trustee on behalf of holders of certain Citigroup securities, requested a receiver be named on March 2, according to court filings.
Citigroup made a $27 million loan in August 2014 to Denver Mart LLC, which owns the property at 451 E. 58th Ave. That entity last made its monthly payments in March 2020, according to the filings, a period that corresponds to the start of the coronavirus pandemic.
FORT COLLINS The owners of the Foothills mall have been actively listing the mall since September, just more than a month before it defaulted on its construction loan, court documents show.
A judge ordered the 620,000-square-foot mall’s operations to be taken over by Greenwood Village-based Cordes & Co. LLP late last week, according to state court records.
The order was not contested by Foothills’ co-owners Alberta Development Partners LLC and Walton Street Capital, which both signed a cooperation agreement with MUFG Union Bank N.A. in early December days before the bank
filed suit to place the property into receivership weeks ago.
Foothills Mall lender to file foreclosure demands for remaining $47M debt
This story first appeared on BizWest.com, a BusinessDen news partner.
The Foothills Mall in Fort Collins is heading toward receivership after its primary lender said in court that the mall failed to make scheduled debt payments in the fall.
In a lawsuit filed to Larimer County District Court this week, MUFG Union Bank N.A. claims that just more than $46 million of unpaid principal and interest remains on the original loan of $145 million. The bank claims that Foothills failed to make its scheduled debt payment on Oct. 9.
It’s unclear how much the Mall was supposed to pay in October. The promissory note for the loan is sealed by the court.