Denver-area commercial foreclosures double - The Business Journal of Milwaukee:

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The reasons: disciplined local commercial development and andmetro Denver’s diverse econom y and relatively stable job according to local real estate “It’s a national phenomenon that commerciaol foreclosure rates are very low in comparisom to residential foreclosures. The Denver economy, its diversity and just having some of the right industriesin town, includint the energy industry, made a big differences for us,” said Glenn Mueller, professorr at the ’s real estatwe school. Twenty-three commercial foreclosures were recorded inthe first-quartefr involving loan balances of at least $1 according to county foreclosure filings.
The largest foreclosurre was forthe ’s manufacturintg building at 1350 S. Public Road in Lafayette, for $7.65 million. The trustee was , working on behalf of the There wereroughly 1,300 residential filings in the first many with loan balancess higher than commercial For 2008’s first quarter, there were 11 commercial foreclosurr filings of $1 million-plus in the metr area, and roughly 1,200 residential filings. The filings representg lenders’ notification to borrowers that they’re in default on a real estate loan, and that thei r property is in foreclosure.
The area covered by the data includees Adams, Arapahoe, Boulder, Broomfield, Denver, Douglas and Jeffersonj counties. Most first-quarter commercial foreclosure filings involveed retail properties such as stores and as well as relatively small office and industrial apartment comptlexesand hotels. “Wre haven’t experienced overbuilding like we did inthe 1980s, we have a fairlyt healthy economy and our jobs are mostlhy intact,” said Tim Richey, executive vice president and investment broket at in Denver. “There’sa not enough stress in the markegt 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 requiredx by federal and state banking regulators. “Regulatorzs started paying special attention to commercial realestatwe loans,” said Barbara executive director of the trader group. “Commercial banks started adjusting lending relationships with commerciall realestate borrowers, and that put us in the good placse we’re in now.
” Most of the public trustees foreclosint on commercial properties in the first quarter were including , , Bank of the West and Bank of There also were nonbank trustees, which have becom less active in metro Denver in the last year or so, such as the Ruth G. Fink Trus Number One, CapFinancial Partners LLC and Colorad Note AcquisitionPartners LLC. “Nonbank lenderas had a big piece of the commercial realestate segment,” Walket said. One of the most high-profile localk commercial properties to face foreclosure in the first quarter was the Neighborhoo FlixCinema & Cafe in the redeveloped Lowenstein Theater on East Colfaxz Avenue in Denver.
Mile High Bank was the property’sx trustee, and its loan balance was $2 The long-awaited redevelopment of the old Lowensteib Theater inthe mid-2000s was hailed by the city and real estats experts as the beginning of an East Colfax renaissance. The projecgt also includes two major locao independentretailers — the ’s main locatiob and the music store.