Longmont’s Vivo Living faces $22M foreclosure

LONGMONT — A 210-unit attainable-housing building that for decades had been a hotel has gone into foreclosure and is to be sold at auction in October.

According to documents filed June 27 with the Boulder County Public Trustee, the owners of Vivo Living, 1900 Ken Pratt Blvd., owe $22.225 million to El Segundo, California-based Thorofare Asset Based Lending REIT Fund V LLC, a real-estate investment trust company registered in Delaware. The foreclosure notice states that the loan was made to owners Vivo Apartments Longmont LLC on June 20, 2022, and that the default was triggered by failure to make timely payments in accordance with the loan terms.

Unless the debt is cured, Boulder County Public Trustee Paul Weissmann will auction the property at 10:30 a.m. Oct. 30 at 1325 Pearl St. in Boulder. Amy Schiano, the county’s chief deputy public trustee, told BizWest on Tuesday that it would be up to the buyer whether the building would remain as rental apartments.

Vivo Living has 189 studios and 21 one-bedroom units, and tenants have the option of choosing a furnished or unfurnished unit. Each unit has a kitchenette with a refrigerator and a two-burner induction cooktop, and the complex includes a pool, gym and lobby lounge space.

Under the terms of Longmont’s Inclusionary Housing Ordinance, 12% of units in a new residential development must be classified as “affordable” for low- to moderate-income buyers, so 26 units at Vivo Living were designated as “affordable.”

According to the Vivo Living website, units range from 419 to 685 square feet and rent for between $1,079 and $1,525 a month.

Run by Pratt Management Co. since it was built in 1982 as the Raintree Plaza Hotel, the hotel joined the Best Western chain in October 2012. CO Hotel LLC, an affiliate of Chester, Virginia.-based Shamin Hotels, took over the property in 2018. In April 2021, Vivo Apartments Longmont LLC, a subsidiary of California-based Vivo Living, bought the hotel from Shamin Hotels for $15.4 million. The hotel was closed in October 2021, and its rooms began being rented as apartments in mid-2022.

Representatives of Vivo Living did not return calls seeking comment.

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