No bidders at Promenade Shops auction

LOVELAND – With no bidders at the Larimer County Public Trustee’s
Wednesday morning sale, the Promenade Shops at Centerra went back to the
bank.

There were more than a dozen spectators but no bidders present at the
sale, making the pre-sale bid of almost $85 million from CLC REO LLC the
winning amount. CLC REO is an assignee for KeyBank, which is the lead
for the group of banks that participated in the loan.

The original construction loan for the Promenade Shops was made in
October 2004 for $116 million to Centerra Lifestyle Centers LLC.…