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Reworked deal helps St. Charles Town avoid foreclosure

Dennis Huspeni
Reporter- Denver Business Journal

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 | Real Deals blog

St. Charles Town Co. 

has avoided a foreclosure on its Sloans Lakefront Market by doing what many commercial developers have done: refinancing the deal by bringing more equity to the table.

Foreclosure proceedings had begun against the company, headed by Denver developer Charlie Woolley, although it hadn’t missed a payment, and the 11-business property was generating income and was (and is) almost 100 percent occupied.

Next, Woolley and CFO Darrin Grommeck got the original investors to reinvest in the project, injected some of St. Charles’ own capital and found a lender interested in Sloans.

“We don’t believe the foreclosure proceedings …

Dennis Huspeni covers real estate and retail for the Denver Business Journal and writes for the “Real Deals” blog.


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