Bank forecloses on Broadway property eyed for redevelopment

BOULDER — FirstBank has initiated foreclosure proceedings on a Boulder commercial property at 965 Broadway purchased just last year by an Iowa-based real estate investment group for the potential purpose of redevelopment. 

STA Fund LLC, a holding company operated by Blackbird Investments in Des Moines, owes the entirety of its outstanding principal balance of $1.86 million, according to Boulder Public Trustee data.

The firm bought the roughly 11,400-square-foot building in May 2019 from the The Church of Jesus Christ of Latter-Day Saints for a total of $3.1 million. The LDS church had owned the building since 1961.

SPONSORED CONTENT

Empowering communities

Rocky Mountain Health Plans (RMHP), part of the UnitedHealthcare family, has pledged its commitment to uplift these communities through substantial investments in organizations addressing the distinct needs of our communities.

At the time of the sale, The Colorado Group Inc. broker Scott Crabtree said Blackbird had “a non-profit entity in mind for the entire space.”

It’s unclear whether the foreclosure will stall or end Blackbird’s plans. The firm did not respond to requests for comment Thursday. 

No redevelopment plans or building applications have been submitted to the city for the Broadway property.