Loveland’s Promenade Shops at Centerra Issued Foreclosure Notice
A foreclosure demand valued at $83.65 million dollars has been issued to the Promenade Shops at Centerra in Loveland, according to the Reporter-Herald.
The loan for the 495,000-square-foot retail center in Loveland is now in default on the variable interest loan which was issued in February 2018. The loan is currently being held by a subsidiary of M&T Banks Corp. The amount listed that is due is $83.65 million and is the same amount as the original loan that was listed.
This is not the first time that the Promenade Shops at Centerra has dealt with foreclosure. In 2009, the retail center was placed up for auction for $85 million. DRA Advisors LLC currently owns the Promenade Shops at Centerra and has been attempting to sell the property since last May.
The Promenade Shops at Centerra will be the second major retail center that has faced foreclosure in less than a year. In December 2020, the Foothills Mall in Fort Collins was placed on Foreclosure notice but has since entered a deal to be purchased by McWhinney.
If DRA Advisors LLC cannot come up with the $83.65 million to alleviate the foreclosure notice, an auction will be scheduled for June 30 to sell the Promenade Shops at Centerra in Loveland.
However, if the Promenade Shops do end up going to auction, this does not mean that the all the businesses who call the site home will be shuttered. In all likelihood, the mall will merely be sold to a new owner and the many establishments we know and love will be able to continue operating as normal.
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