New development in Snowmass foreclosures
July 22, 2009
SNOWMASS VILLAGE – Individual notices connected to the foreclosures of five Snowmass properties were posted in the Pitkin County Courthouse on Tuesday.
The properties, which are being foreclosed upon by New York-based The Related Companies LP, include the Snowmass Inn, the Snowmass Mountain Chalet, the Sonnenblick Townhomes, the Snowmass Mountain Chalet, the Snowmass Center and several lots combined under the name of Brush Creek Capital Holdings LLC.
The Related Companies LP is the parent of Snowmass-based Related Westpac, which is the developer of Base Village.
Westpac officials, when contacted Tuesday about the foreclosures, offered a statement that said: “We continue to work closely on an ongoing basis with our lenders and partners on all assets. We can not comment on any specific legal filing.”
Denver attorney Robert Holmes, who filed the five notices on behalf of The Related Companies, said he was recently hired to handle the foreclosure proceedings.
“If no response [by the properties being foreclosed upon] is filed then a foreclosure sale will take place,” he said.
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The response needs to be filed by July 31, according to the notices. If responses are filed, a hearing would be held Aug. 7 in the Pitkin County Courthouse, according to documents.
The move by The Related Companies is the latest development regarding foreclosure steps being taken on the five properties.
In April, the Bank of America filed foreclosure documents with the Pitkin County Treasurer’s Office, saying the properties were used as collateral against a $110 million loan made by the bank to the owners of the property in 2007.
But in June, the bank filed an “assignment of deed of trust” to The Related Companies, according to documents in the Pitkin County Clerk and Recorder’s Office. That transaction essentially meant that the Bank of America conveyed either the loan or debt to The Related Companies.
Still, as of Tuesday, Bank of America was scheduled to hold a public sale of the five properties on Aug. 26, according to an employee at the county treasurer’s office.