Cordes & Company

Commercial Office Building

Colorado Springs property currently owned by The Colorado Springs Technology Incubator, which is a non-profit. Compass Bank has a second priority deed of trust on the property. The first lien is a mortgage in favor of a US Economic Development Association securing a grant that CSTI received. 15 tenants currently in the building. The Bank is currently receiving the rents from the property under an assignment. The loan has been in default for more than a year but due to the presence of EDA’s first priority mortgage, collection is not as straightforward as usual. Potential short sale that had been moving forward the last several months, but that has now fallen through. The Bank is trying to decide what it wants to do and one of the options is to have a receiver put in place and then have the receiver sell it so that the Bank does not have to foreclose and take title.

Colorado
5299 DTC Boulevard
Suite 600
Greenwood Village, CO 80111
Telephone: 303.721.8755
Minnesota
2677 N. Innsbruck Drive
Suite A
New Brighton, MN 55112
Telephone: 612.455.6027
California
2030 Main Street
Suite 1600
Irvine, CA 92614
Telephone: 949.379.1202
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