Company still trying to regain control of broader Willits Town Center project which includes keeping Whole Foods as a tenant.
ASPEN AND BASALT REAL ESTATE — A Chicago-based company that once was the developer of the Willits Town Center project in Basalt has reached an agreement with a lender to avoid foreclosure of its local office, representatives of both parties said Wednesday.Triangle Park Retail Holdings LLC, a company affiliated with Joseph Freed & Associates (JFA), faced the risk of getting booted out of its office in a corner space at Willits Town Center for allegedly defaulting on a loan from Alpine Bank. Now it appears it will remain in the office and showroom.The bank initiated a foreclosure action Oct. 7, 2010 claiming the Triangle Park Retail Holdings defaulted on a $2.88 million loan with a fixed interest rate of 8.25 percent. The principal balance as of Sept. 30 was $2.80 million, according to information filed by Alpine Bank with the Eagle County Public Trustee.A foreclosure sale was scheduled for 10 a.m. Wednesday but it was postponed until Feb. 16. The JFA affiliate notified the trustee’s office it intended to “cure” the defaulted loan prior to the sale.
By Scott Condon, Feb. 10, 11 Aspen Times