Cattle Creek property sells for more than $15 million
GLENWOOD SPRINGS – A foreclosure sale of the troubled Cattle Creek Colorado real estate project went off without a hitch on Wednesday, according to a Garfield County official.Deputy Public Trustee Bob Slade said the sale was uneventful, and that there were no bidders other than the company that currently holds the note on the 289-acre property.Now known as Riverbend, the project is in the hands of a firm called Carbondale Investments, LLC, which Slade said is based in Texas. Slade said it appears that Carbondale Investments took over the property from another Texas lender, PlainsCapital Bank.The trustee sale, triggered by the failure of the developer, Riverbend LLC, to pay off a $12.5 million loan, was for more than $15 million, Slade said. He explained that the total amount includes not just what was owed on the loan, but other costs such as foreclosure fees and attorney’s fees.Although Carbondale Investments now owns the property, Slade explained, the foreclosure process is not entirely over yet. He said that if there are “junior lienholders” in the wings, they can file an “intent to redeem,” meaning they can pay off the $15 million sale price and take title to the property.But according to attorney Ted Sekora, who represents Carbondale Investments, there should be no remaining lienholders in line.”I think they’ve been taken care of,” Sekora said in a telephone conversation from his Denver office on Wednesday. “I’d be surprised if there’s anybody left with any junior liens.”Sekora, part of the Davis Graham & Stubbs law firm, declined to name the partners in the Carbondale Investments LLC or to discuss any plans they may have for the Riverbend project.The property has been known by several names over the last decade or so, including Sanders Ranch, Bair Chase, Cattle Creek Crossing and Cattle Creek Colorado, and is located about halfway between Carbondale and Glenwood Springs.In its latest iteration, the development plan called for 1,000 residential units, including 315 single-family houses and a mix of townhomes and apartments, as well as 30,000 square feet of commercial space and a school firstname.lastname@example.org
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