Health Care & Insurance  February 5, 2024

Lender seeks to force memory care facility into receivership

FORT COLLINS — A Seattle-based lender has petitioned Larimer County District Court to collect on an unpaid $11.9 million note and to force Fort Collins Memory Care LLC into receivership.

The lender, BRMK Lending LLC, said in its complaint that Fort Collins Memory Care has not paid off the note, which came due July 1, 2023, after its maturity date was extended. The memory care facility is located at 3150 Rock Creek Drive in Fort Collins. The company lists a Tiburon, California, address with the Colorado Secretary of State, the same address as Shoen Real Estate. A call to Shoen was not returned.

BRMK said that the original loan was issued June 3, 2021, and secured with a deed of trust, security agreement, and fixture filing with assignment of leases and rents granted to the lender.

“Lender is entitled, among other remedies, to have a receiver appointed for the property, ex parte, and to receive all rents payable from the property and to take possession of the property,” the lender wrote in its complaint.

BRMK said that the property is in danger of being injured “due to the need for immediate and significant repairs to the fire sprinkler system.”

The action seeks the appointment of Gregg Williams, founder of Trident Pacific Real Estate Group Inc., as receiver and the payment of rents to him in order to secure the property.

The case is BRMK Lending LLC v. Fort Collins Memory Care LLC, case number 2024cv30090 filed Feb. 1, 2024, in Larimer County District Court.

A Seattle-based lender has petitioned Larimer County District Court to collect on an unpaid $11.9 million note and to force Fort Collins Memory Care LLC into receivership.

Ken Amundson
Ken Amundson is managing editor of BizWest. He has lived in Loveland and reported on issues in the region since 1987. Prior to Colorado, he reported and edited for news organizations in Minnesota and Iowa. He's a parent of two and grandparent of four, all of whom make their homes on the Front Range. A news junkie at heart, he also enjoys competitive sports, especially the Rapids.
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