LOVELAND — A 117-acre undeveloped parcel near the intersection of 42nd Street and South Lincoln Avenue faces foreclosure, according to a notice of election and demand filed last month with the Larimer County Public Trustee.
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According to the notice, the owner of the property, Blue Sky Developments LLC, owes more than $8.6 million on a loan that had an original balance of $6.5 million. The holder of the note is Denver-based Broadmark Realty Capital Inc.
In 2019, site work began on a project to develop a 120-home single-family subdivision called Hawks Ridge at the site. The status of that effort is unclear. Multiple broker signs have been placed on the property advertising residential and commercial land for sale.
Brokers, and representatives for Broadmark and Blue Sky Development did not respond to requests for comment.
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LOVELAND — A 117-acre undeveloped parcel near the intersection of 42nd Street and South Lincoln Avenue faces foreclosure, according to a notice of election and demand filed last month with the Larimer County Public Trustee.
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According to the notice, the owner of the property, Blue Sky Developments LLC, owes more than $8.6 million on a loan that had an original balance of $6.5 million. The holder of the note is Denver-based Broadmark Realty Capital Inc.
In 2019, site work began on a project to develop a 120-home single-family subdivision called Hawks Ridge at the site. The status of that effort is unclear. Multiple broker signs have been placed on the property advertising residential and commercial land for sale.
Brokers, and representatives for Broadmark and Blue Sky Development did not respond to requests for comment.
© 2021 BizWest Media LLC
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