The Belmar buying heart, a single of Lakewood’s most prominent retail developments, is in foreclosure, Jefferson County documents clearly show.
The center’s failing finances, very first documented by 9Information on Tuesday, ended up outlined in a general public see submitted by the Jefferson County Community Trustee’s office in late October. The discover confirmed that the registered residence proprietor, Belmar Business Operator LP, owes $108.8 million on an first $111 million loan.
The personal debt holders on the home have filed the essential paperwork to pressure a sale beneath the conditions of the deed, the Oct. 26 trustee’s detect suggests. A general public auction day was established for Feb. 25, in accordance to the public trustee.
Belmar opened in 2004, an open up-air buying district made to serve as a defacto downtown for Lakewood. It took the area of a defunct retail centre, the former Villa Italia shopping mall at the southeast corner of South Wadsworth Boulevard and West Alameda Avenue.
Nowadays, the center’s web site states extra than 80 area and national corporations lease house on the campus, bringing procuring, eating and entertainment alternatives to the west aspect of the metro area. Big tenants involve Concentrate on, Complete Foodstuff Marketplace and a Century Theatres motion picture theater.
In an job interview with 9News, attorney Kent Karber, who signifies a single of Belmar’s creditors, laid some of the blame for the center’s struggles on COVID-19-similar business enterprise shutdowns.
“Because of the shutdowns, they had an fast influence on their funds movement, which set oftentimes their financial loans or their leases into default,” Karber informed the information station.
City officials also highlighted the pandemic as a contributor to the money gap the residence proprietor is in a statement that expresses optimism for Belmar’s long term.
“While the enterprise that presently owns the Belmar searching district is struggling with challenges from the pandemic, the town remains self-confident that the district’s reputation and its marketplace elements will keep on and increase as recovery from the pandemic gets underway,” the statement reads.
A voicemail left for the Belmar center’s management business was not promptly returned on Wednesday afternoon.
Belmar is owned by Starwood Retail Partners, a division of Starwood Captial Team, an intercontinental actual estate-concentrated financial investment company. A information remaining with a business agent in Starwood’s San Francisco office environment seeking more information and facts about the foreclosures also was not returned on Wednesday afternoon.