Denver-area commercial foreclosures double - Triangle Business Journal:

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The reasons: disciplined local commercial developmentand lending, and metro Denver’xs diverse economy and relatively stable job market, according to loca l real estate experts. “It’s a national phenomenonj that commercial foreclosure rates are very low in comparison toresidentiao foreclosures. … The Denver economy, its diversityh and just having some of the righgt industriesin town, including the energy made a big differencde for us,” said Glenn professor at the ’s real estate Twenty-three commercial foreclosures were recordedr in the first-quarter involving loan balances of at leasft $1 million, according to countyy foreclosure filings.
The largesft foreclosure was forthe ’s manufacturing buildingb at 1350 S. Public Road in Lafayette, for $7.665 million. The trustee was , working on behalf of the lender. Therwe were roughly 1,300 residential filings in the first many with loan balances higher thancommerciaol balances. For 2008’s first quarter, there were 11 commerciaol foreclosure filingsof $1 million-plus in the metrlo area, and roughly 1,200 residential The filings represent lenders’ notification to borrowerx that they’re in default on a real estatee loan, and that their property is in The area covered by the data includes Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson counties.
Most first-quarterf commercial foreclosure filings involved retail properties such as stores and as well as relatively smallp office and industrial apartment comptlexesand hotels. “We haven’t experiencede overbuilding like we did inthe 1980s, we have a fairl healthy economy and our jobs are mostly said Tim Richey, executive vice presideny and investment broker at in Denver. “There’d not enough stress in the market to causrsignificant foreclosures.” Most loansz for local commercial properties also were underwritten conservatively, Muellet said.
Conservative underwriting was helpesd along, starting a few years ago, by stiffer oversigh t required by federal and statebanking regulators. “Regulatorsd started paying special attention to commercial realestatre loans,” said Barbara executive director of the trade group. “Commercial banke started adjusting lending relationships with commercial real estate and that put us in the goodplace we’r in now.” Most of the public trusteese foreclosing on commercial properties in the first quartetr were banks, including , , Bank of the West and Bank of There also were nonbank which have become less active in metro Denvere in the last year or so, such as the Ruth G.
Fink Trusy Number One, CapFinancial Partners LLC and Colorado Note AcquisitioPartners LLC. “Nonbank lenderx had a big piece of the commercial real estate Walker said. One of the most high-profiler local commercial properties to face foreclosure in the first quarter was the Neighborhoofd FlixCinema & Cafe in the redevelopeds Lowenstein Theater on East Colfad Avenue in Denver. Mile High Bank was the property’s and its loan balance was $2 The long-awaited redevelopment of the old Lowenstein Theaterr inthe mid-2000s was hailed by the city and real estate expertx as the beginning of an East Colfax The project also includex two major local independent retailers — the ’sw main location and the music