Bank allows refinance of Fort Collins memory care center

FORT COLLINS — The bank that financed the opening of Aspyre Rock Creek in Fort Collins has sued the memory care facility over a default of just more than $8.36 million, but the care center claims the lender is putting unnecessary strain on it during a global health crisis.

In a complaint filed Tuesday in Larimer County District Court, Stearns Bank N.A. sought a court-ordered foreclosure of the property at 3150 Rock Creek Drive and asked the court to appoint a receiver to manage it.

The original loan of $7.2 million was issued in 2016, and the facility opened in 2017. Stearns claims that it sent a notice of default in April, including the principal amount and an additional $1.16 million in interest and late charges. The loan is accruing $4,076 per day in additional costs.

Aspyre is operated by Solera Senior Living, a chain of senior communities based in Denver that has eight locations across the country. The property has space to care for 64 tenants and currently cares for 22.

Noah Drever, the managing partner of Drever Capital Management and owner of the Aspyre building, said his company took over the property after the building’s developers exited the project in 2019 due to lease-out taking longer than expected.

He said the developers had taken out a three-year loan, telling investors that Stearns would be willing to offer ongoing extensions on the due date.

However, he claimed that the bank refused to accept requests to extend the loan term, take outside financing to bring the loan current or buy out Stearns’ debt note and other options meant to quell the chance of a default. Drever also claims the bank charged high fees and increased the interest rate last year as the center was dealing with the deaths of 14 residents.

Drever said his group has spent more than $1.1 million of its own money to keep the home open and running, money that he doesn’t expect to get back. However, his group and Solera are committed to keeping the current residents safe and in their homes during the dispute with Stearns.

“Everybody understands their obligation and the residents come first. The only (group) that’s not helping the residents is the lender,” he said.

Ultimately, Drever believes Stearns is trying to force the home into a maturity default and charge additional interest and late fees.

Stearns did not respond to a request for comment Thursday afternoon.

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