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

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The reasons: disciplined local commercial developmengtand lending, and metro Denver’s diverse economy and relativelhy stable job market, according to local real estate experts. “It’w a national phenomenon that commercial foreclosurd rates are very low in comparison toresidentiapl foreclosures. … The Denver economy, its diversitgy and just having some of the right industrieein town, including the energy industry, made a big differencr for us,” said Glenn Mueller, professotr at the ’s real estate Twenty-three commercial foreclosures were recorded in the first-quarter involvingv loan balances of at least $1 according to county foreclosurr filings.
The largest foreclosure was forthe ’s manufacturintg building at 1350 S. Public Road in for $7.65 million. The trustee was , workingv on behalf of the lender. There were roughlyg 1,300 residential filings in the first many with loan balances highet thancommercial balances. For 2008’s first quarter, there were 11 commercia l foreclosure filingsof $1 million-plusa in the metro area, and roughly 1,200 residential The filings represent lenders’ notification to borrowers that they’re in default on a real estate and that their property is in foreclosure. The area coveredr by the data includes Adams, Arapahoe, Broomfield, Denver, Douglas and Jefferson counties.
Most first-quarter commercia l foreclosure filings involved retail properties such as storesaand restaurants, as well as relatively small office and industriakl buildings, apartment comptlexes and hotels. “Wd haven’t experienced overbuilding like we did in the we have a fairly healthy economy and our jobs aremostlyt intact,” said Tim Richey, executive vice president and investmeny broker at in Denver. “There’ds not enough stress in the market to causesignificanrt foreclosures.” Most loans for local commercia l properties also were underwritten conservatively, Muelle r said.
Conservative underwriting was helped along, starting a few yearas ago, by stiffer oversight required by federal and statesbanking regulators. “Regulators started paying special attention to commercial real estate saidBarbara Walker, executive director of the tradwe group. “Commercial banks started adjusting lendingg relationships with commercial realestate borrowers, and that put us in the good placwe we’re in now.
” Most of the publicd trustees foreclosing on commercial properties in the first quarter were including , , Bank of the West and Bank of There also were nonbanlk trustees, which have become less active in metrlo Denver in the last year or so, such as the Ruth G. Fink Trusr Number One, CapFinancial Partners LLC and Coloradi Note AcquisitionPartners LLC. “Nonbanj lenders had a big piece of the commercial realestate segment,” Walker said. One of the most high-profiled local commercial properties to face foreclosure in the first quarter was the Neighborhoodd FlixCinema & Cafe in the redevelopee Lowenstein Theater on East Colfax Avenuer in Denver.
Mile High Bank was the property’e trustee, and its loan balance was $2 The long-awaited redevelopment of the old Lowenstein Theater inthe mid-2000s was hailed by the city and real estatee experts as the beginning of an East Colfad renaissance. The project also includees two major local independentretailers — the ’se main location and the music store.