Memory-care facility exits suit, gains new lender, ownership – BizWest bizwest.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bizwest.com Daily Mail and Mail on Sunday newspapers.
In a complaint filed Tuesday in Larimer County District Court, Stearns Bank N.A. sought a court-ordered foreclosure of the property at 3150 Rock Creek Drive and asked the court to appoint a receiver to manage it.
The original loan of $7.2 million was issued in 2016, and the facility opened in 2017. Stearns claims that it sent a notice of default in April, including the principal amount and an additional $1.16 million in interest and late charges. The loan is accruing $4,076 per day in additional costs.
Aspyre is operated by Solera Senior Living, a chain of senior communities based in Denver that has eight locations across the country. The property has space to care for 64 tenants and currently cares for 22.