Aspen Times Editor’s note: Following is a statement issued by Willits Town Center developer Joseph Freed and Associates about the efforts of its lender, Bank of America, to start foreclosure proceedings and have a receiver appointed to oversee the Basalt project.

REAL ESTATE: Right up until Wednesday, things were looking up for the Willits Town Center at Basalt. The long-awaited agreement with Whole Foods Market has been completed and announced, and the project is moving forward in the government approval process; the leasing program is active, with new leases being signed and new tenants opening, all while we have been exploring viable sources of funding going forward to replace Bank of America, which inherited the existing loan from our former lender LaSalle Bank. We expect to bring a new alternative source of funding to this project in the near future. But, in a move that elevates form over substance, Bank of America moved for appointment of a receiver for the property even though the only changes to the property recently have been the positive ones listed above. This action is simply the latest in the bank’s emerging strategy for dealing with relationships Bank of America inherited from its takeover of LaSalle Bank.

Link to Statement