Properties owned by former developer in foreclosure

FORT COLLINS – Four properties controlled by former Larimer County developer Kevin Frazier have fallen into foreclosure, according to Larimer County Public Trustee documents.

The first property, located at 1000 N. Timberline Road, entered foreclosure in January. The property is listed under Frazier’s name, with $395,300 owed on the property. The sale date is scheduled for Sept. 12. The property is currently held by Bank of America.

The remaining three properties entered foreclosure in the first part of April. The first is vacant land on North Timberline, with Colomex Holdings I, believed to be Frazier’s company, listed as the owner. About $1.4 million is owed on the property to Colorado Community Bank. It is scheduled for sale Aug. 8.

The next property, located at 2121 Midpoint Drive, is listed as the business address for Colomex Holdings. According to the documents, $1.2 million is owed on this property to Colorado Community Bank. Is is scheduled for sale on Aug. 1.

The final property, also listed under Colomex Holdings ownership, is located at 1615 Specht Point Road, in the Spring Creek Center subdivision. The record shows that $1.7 million is owed on the property, also to Colorado Community Bank. It is also scheduled for sale on Aug. 1.

Frazier owned the Fox Acres Country Club in Red Feather Lakes until the cabins on the property went into foreclosure in October 2010.

In June 2011, Frazier was indicted on seven counts of fraud after being accused of taking more than $1 million from investors in Colorado and three other states for real estate projects in Fort Collins and Puerto Vallarta, Mexico, then using the money to repay personal loans.

The case is pending within the office of the Colorado Attorney General, with trial scheduled to take place in Larimer County beginning Aug. 13.

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Molly Armbrister covers real estate, banking and health care for the Northern Colorado Business Report. She can be reached at 970-232-3139, marmbrister@ncbr.com or twitter.com/MArmbristerNCBR
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