Commercial Real Estate Properties in 3 States Go to Auction
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Three prominent commercial real estate properties in the states of Colorado, Oregon and Maryland are scheduled to go to foreclosure auctions in the coming weeks if their owners are not able to carry out the necessary remedies to save these properties. In Loveland in Northern Colorado, the Promenade Shops, which accounts for almost 10 percent of Loveland’s tax base, is set to be sold at an auction in March. The developer of the shopping complex, Centerrra Lifestyle Center, has not found the money to pay its almost $113 million balance on the $116 million it borrowed from KeyBank. The Promenade Shops has been in foreclosure since last year, but KeyBank gave the developer until March 16 to cure the problem. According to Jay Hardy, manager of Centerra, if the retail center goes to auction, business will go on as usual at Promenade. He added that Centerra partners Poag & McEwen and McWhinney could even participate in the bidding. Part of the reason for the difficulties of the… internet marketing for real estate investors
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