Fort Collins Memory Care refinances; judge dismisses claims for receivership 

FORT COLLINS — The saga over a local memory care center potentially being taken over by its bank is now over, and the center is back in financial good graces, the owner said.

Fort Collins Memory Care LLC’s Aspens of Fort Collins owner Noah Drever had been fighting all year to keep control over the property after the note on the property matured and was absorbed by a new bank. Drever said at the time the note matured that the bank had agreed to extend the note, but didn’t put it on paper, so “all the paperwork was lost” when a new bank took over and sought to place the center under receivership.

“Boardmark Realty Capital calls in August and said they were going to work with me, then in September they put in a receiver and held the property,” Drever said in an interview with BizWest. “The good news is we agreed on a payoff amount, and now we own the property.

“The bottom line is we plan to continue to be long-term owners and provide the best possible care to all the residents and the entire Fort Collins Community at large, i.e., : we’re not going anywhere.”

That note was for $10.6 million. He was able to refinance with a private investor in June. A Larimer District Court judge dismissed the receivership in August.

Drever added that he spent about $680,000 fixing the center’s sprinkler system, which was not put in correctly by the original builder.

“Those repairs are 75% complete, and they will be complete by Oct. 15,” Drever said.

Drever said all along, the bank treated the receivership as a property takeover, but in the last several months, Colorado Attorney General and the Colorado Department Public Health and Environment intervened in the case.

Attorney General Phil Weiser said that BRMK Lending, the New York-based entity also known as Broadmark Realty Capital Inc. (NYSE: BRMK) that originally sought to force Fort Collins Memory Care into receivership, “has approached this receivership action as a financial transaction, failing to request in its order provisions recognizing that the receivership affects the health, safety and welfare of vulnerable residents and their home.”

Drever said residents of the center and their families no longer have anything to fear.

The center now houses 62 seniors, Drever said.

“They’re not building more memory care centers out there, so there’s already a shortage, so this is at least a stable community that will always be there,” Drever said.

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

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