Willits developer avoids foreclosure of office
BASALT – A Chicago-based company that once was the developer of the Willits Town Center project in Basalt has reached an agreement with a lender to avoid foreclosure of its local office, representatives of both parties said Wednesday.Triangle Park Retail Holdings LLC, a company affiliated with Joseph Freed & Associates (JFA), faced the risk of getting booted out of its office in a corner space at Willits Town Center for allegedly defaulting on a loan from Alpine Bank. Now it appears it will remain in the office and showroom.The bank initiated a foreclosure action Oct. 7, 2010 claiming the Triangle Park Retail Holdings defaulted on a $2.88 million loan with a fixed interest rate of 8.25 percent. The principal balance as of Sept. 30 was $2.80 million, according to information filed by Alpine Bank with the Eagle County Public Trustee.A foreclosure sale was scheduled for 10 a.m. Wednesday but it was postponed until Feb. 16. The JFA affiliate notified the trustee’s office it intended to “cure” the defaulted loan prior to the sale.JFA spokeswoman Jayne Thompson said a payment was made to Alpine Bank to satisfy the loan. She wouldn’t disclose the payment amount.Glen Jammaron, president and vice chairman of Alpine Bank, confirmed an agreement had been reached between the parties. He also declined to disclose the terms, citing bank policy.Alpine Bank filed information with the public trustee on Jan. 31 that said the required cure figure was $320,917.54.A spokeswoman for the trustees office said that attorneys for lenders prepare legal documents withdrawing a foreclosure in cases where the lender and borrower work out a deal. That paperwork hasn’t been filed yet in the Triangle Park Retail Holdings case, but it typically takes a few days after agreements are arranged, the trustee’s office said.The Alpine Bank foreclosure had the potential to affect JFA’s office as well as a commercial space it owns along East Valley Road, units C-110 and C-118 in the Triangle Park Lofts Building.The agreement with Alpine Bank doesn’t affect the ownership or control of the bulk of the Willits Town Center project, including the abandoned foundation of the Whole Foods Market building.Mega-lender Bank of America repossessed a major portion of Willits Town Center in September 2010 in a separate foreclosure action. It claimed JFA defaulted on a loan with a principal amount of $36 million remaining.Thompson said JFA remains in negotiations to acquire the project from the bank. “We continue to work with the Bank to resolve the issues so that this project can move forward,” she wrote in a statement.In a previous statement, JFA said it had found outside capital investors that were negotiating a purchase with Bank of America.The regional vice president of Whole Foods Market previously said the natural grocer is still interested in opening a store at Willits if the developer is able to finish the project and lease terms are firstname.lastname@example.org
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