Bank seeks to recover commercial spaces in one of the few completed buildings

ASPEN BASALT REAL ESTATE — The Chicago development company that has lost control of the undeveloped part of the Willits Town Center project — at least temporarily — now might lose control of its office as well.Alpine Bank initiated a foreclosure action earlier this month against Triangle Park Retail Holdings LLC, a company tied to Chicago developer Joseph Freed & Associates (JFA).The bank claimed Triangle Park Retail Holdings has defaulted on a loan with a balance due of $2,795,104, according to foreclosure documents filed with the Eagle County public trustee. Triangle Park took out a loan for $2.88 million at a fixed interest rate of 8.5 percent in October 2006, the documents say. It was unspecified when Triangle Park allegedly stopped making payments on the loan.Alpine Bank is foreclosing on units C-110 and C-118 in the Triangle Park Lofts Building, the first building, and one of only two, completed in the Willits Town Center core. A foreclosure sale is scheduled for Feb. 9, 2011.
By Scott Condon, Oct. 18, 2010 Aspen Times

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