FORT COLLINS — McWhinney Real Estate Services Inc. has been cleared by a state judge to purchase the distressed Foothills Mall in Fort Collins.
In filings made last week in Larimer County District Court, the Loveland-based McWhinney was approved to purchase the property in Midtown Fort Collins. The sale price was not disclosed.
The Foothills mall was placed in receivership after the bank backing its construction loan filed a foreclosure demand in early December. Chicago private-equity firm Walton Street Capital and Greenwood Village-based Alberta Development Partners LLC, which developed and co-owned the mall, were delinquent on the $46.59 million remaining on the original $145 million loan.
The deal would only expand McWhinney’s vast commercial real estate holdings in Northern Colorado. It has major interests in several retail centers in Loveland and Johnstown, along with multiple single-family and multi-family properties across the Front Range north of Denver.
It would not affect the Activity Center in the building, which is owned in full by the city of Fort Collins.
McWhinney representatives did not immediately respond to a request for comment Tuesday.
FORT COLLINS — McWhinney Real Estate Services Inc. has been cleared by a state judge to purchase the distressed Foothills Mall in Fort Collins.
In filings made last week in Larimer County District Court, the Loveland-based McWhinney was approved to purchase the property in Midtown Fort Collins. The sale price was not disclosed.
The Foothills mall was placed in receivership after the bank backing its construction loan filed a foreclosure demand in early December. Chicago private-equity firm Walton Street Capital and Greenwood Village-based Alberta Development Partners LLC, which developed and co-owned the mall, were delinquent on the $46.59 million remaining on the original $145 million loan.
The deal would only expand McWhinney’s vast commercial real estate holdings in Northern Colorado. It has major interests in several retail centers in Loveland and Johnstown, along with multiple single-family and multi-family properties across the Front Range north of Denver.
It would not affect the Activity Center in the building, which is owned in full by the city of Fort Collins.
McWhinney representatives did not immediately respond to a request for comment Tuesday.
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