STEAMBOAT SPRINGS — One Steamboat Place, the luxury condominium project adjacent to the Steamboat gondola, went into foreclosure Wednesday with $100 million on its original construction loan owed to seven lenders.
The developers said they and two large investors have been in the middle of negotiations with the banks to restructure the outstanding construction debt.
“I was shocked to hear this,” Timbers Resorts chief executive David Burden said of the foreclosure filing.
Routt County Trustee Jeanne Whiddon confirmed late Wednesday afternoon that she had filed a notice of election and demand against SV Timbers LLC, the Carbondale-based development entity related to Timbers Resorts. The date of a foreclosure sale has not been set, but Whiddon estimated it would be in mid-March. Timbers would have until 15 days before the sale date to formally file its intent to cure or redeem the foreclosure. Tom Ross, Steamboat Pilot & Today
