Investor snags foreclosed Loveland medical space for $13M

LOVELAND — A Cincinnati-based private investment group recently purchased a previously foreclosed Loveland medical property for $13 million.

The nearly 50,000-square-foot property at 4565 Kendall Pkwy. was purchased by 4565 Kendall Parkway Holdings LLC, a holding company affiliated with Orchard Holdings Group LLC. The seller was First Merchants Bank.

The bank took possession of the property from MS Loveland LLC after a 2019 foreclosure proceeding. MS Loveland was once registered with the Colorado Secretary of State’s Office to an address in Indiana. That business registration has been delinquent for several years.

The 2020 actual value of the land and improvements on the site was $11,965,000 and the 2020 assessed value was $3,469,850.

According to a Loveland Reporter-Herald report this year, the structure was built several years ago by Mainstreet Capital Partners LLC “as a 70-bed inpatient skilled nursing and rehab facility.”

That project never materialized and Mainstreet appears to have gone under. The company’s website is down and its phone number is disconnected. The address in Carmel, Indiana, where the company was registered is now home to Heartland Food Products Group.

© 2020 BizWest Media LLC

LOVELAND — A Cincinnati-based private investment group recently purchased a previously foreclosed Loveland medical property for $13 million.

The nearly 50,000-square-foot property at 4565 Kendall Pkwy. was purchased by 4565 Kendall Parkway Holdings LLC, a holding company affiliated with Orchard Holdings Group LLC. The seller was First Merchants Bank.

The bank took possession of the property from MS Loveland LLC after a 2019 foreclosure proceeding. MS Loveland was once registered with the Colorado Secretary of State’s Office to an address in Indiana. That business registration has been delinquent for several years.

The 2020 actual value of the land and improvements on the site was $11,965,000 and the 2020 assessed value was $3,469,850.

According to a Loveland Reporter-Herald report this year, the structure was built several years ago by Mainstreet Capital Partners LLC “as a 70-bed inpatient skilled nursing and rehab facility.”

That project never materialized and Mainstreet appears to have gone under. The company’s website is down and its phone number is disconnected. The address in Carmel, Indiana, where the company was registered is now home to Heartland Food Products Group.

© 2020 BizWest Media LLC