Wednesday, November 20, 2013

Housing News Digest, November 20

REIT pays $54.8 million for Loveland MOBs A real estate investment trust strengthened its Colorado portfolio by acquiring two medical office buildings in Loveland for $54.8 million. The buildings are attached to either end of the Medical Center of the Rockies, a 166-bed University of Colorado Health hospital along Interstate 25 in Centerra. UCH occupies 75 percent of the space in the buildings, which comprise 150,291 square feet.

Investment banker Lutnick says Denver real-estate market to surge The outlook for continued low interest rates bodes well for commercial real estate markets in Colorado and nationwide, a leading investment-banking executive said Thursday in Denver. "There's so much liquidity in the market," said Howard Lutnick, CEO of New York-based Cantor Fitzgerald LP and affiliate BGC Partners. "It's great for real estate, great for assets." Lutnick was in Denver to deliver a keynote speech at the Rocky Mountain Commercial Real Estate Expo.

Colorado seeking changes to its best economic development toolColorado’s Office of Economic Development and International Trade (OEDIT) is hoping to make changes to its job-growth incentive tax credit — viewed widely as the best economic-development tool offered by the state — that could make it more easily accessible to companies, especially those aiming to grow in Douglas and Broomfield counties.

  City for Champions plan revised; downtown Colorado Springs stadium now multi-sport venue A downtown stadium that's a critical component of Colorado Springs' City for Champions tourism proposal has been redesigned into a multi-sport venue - a major revision by the plan's backers as they vie for state funding. The downtown facility still could be a home for the Colorado Springs Sky Sox baseball team, as was envisioned in the original City for Champions proposal, said project spokesman Doug Price, president and CEO of the Colorado Springs Convention Visitors Bureau..

Federal judge questions whether Colorado's Rule 120 proceeding provides adequate due process for borrowers in foreclosure The basis of the borrower's challenge to the public trustee foreclosure sale, which gave rise to the preliminary injunction, was that the foreclosing bank lacked standing to foreclose because it did not produce the original promissory note secured by the deed of trust. In Colorado, certain "qualified holders," namely banks, savings and loan associations, credit unions, federal agencies and certain supervised lenders, are exempt from producing the original evidence of debt. Instead, all that is necessary is a statement signed by the qualified holder, or its attorney, stating that the qualified holder's interest is valid. Other non-qualified holders are required to present the original promissory note or other instrument secured by the deed of trust, including any endorsements and assignments thereof, to the public trustee prior to commencing a foreclosure.