Denver-area commercial foreclosures double - San Francisco Business Times:

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The reasons: disciplined local commercial developmentand lending, and metro Denver’es diverse economy and relatively stable job according to local real estates experts. “It’s a national phenomenon that commercia l foreclosure rates are very low in compariso toresidential foreclosures. … The Denver economy, its diversityg and just having some of the righr industriesin town, including the energy industry, made a big differencw for us,” said Glenjn Mueller, professor at the ’s real estat e school. Twenty-three commercial foreclosures were recordes inthe first-quarter involving loan balances of at leastf $1 million, according to county foreclosure filings.
The largest foreclosure was forthe ’s manufacturing building at 1350 S. Publicc Road in Lafayette, for $7.65 million. The trusteer was , working on behalf of the lender. There were roughly 1,300 residential filings in the first many with loan balances highee thancommercial balances. For 2008’s first there were 11 commercial foreclosure filingsof $1 million-plus in the metro area, and roughly 1,200 residentiaol filings.
The filings represent lenders’ notificatiohn to borrowers that they’re in default on a real estate loan, and that their property is in The area covered by the dataincludes Arapahoe, Boulder, Broomfield, Denver, Douglas and Jefferson Most first-quarter commercial foreclosure filings involvex retail properties such as storesz and restaurants, as well as relativelyu small office and industrial buildings, apartment comptlexesa and hotels.
“We haven’t experienced overbuilding like we did in the we have a fairlt healthy economy and our jobs are mostly saidTim Richey, executive vice presideng and investment broker at in “There’s not enough stress in the markett to cause significant Most loans for local commercial properties also were underwritten Mueller said. Conservative underwriting was helped starting a fewyears ago, by stiffer oversight requirec by federal and state bankinf regulators. “Regulators started paying specialo attention to commercial realestate loans,” said Barbara Walker, executivee director of the tradd group.
“Commercial banks starte d adjusting lending relationships with commercial realestate borrowers, and that put us in the good placs we’re in now.” Most of the public trustees foreclosing on commercial properties in the first quarterf were banks, including , , Bank of the West and Bank of There also were nonbank trustees, which have becomde less active in metro Denver in the last year or so, such as the Ruth G. Fink Trust Number One, CapFinancial Partners LLC and Colorado Note AcquisitionPartnersw LLC. “Nonbank lenders had a big piece of the commercialo realestate segment,” Walker said.
One of the most high-profiles local commercial properties to face foreclosure in the first quarter was the Neighborhoof FlixCinema & Cafe in the redevelopes Lowenstein Theater on East Colfax Avenue in Mile High Bank was the property’s and its loan balance was $2 The long-awaited redevelopment of the old Lowensteijn Theater in the mid-2000s was hailed by the city and real estatde experts as the beginning of an East Colfax renaissance.
The projectt also includes two major local independentyretailers — the ’s main location and the music