Foreclosure proceedings involving The Promenade Shops at Centerra in northern Colorado have begun.
According to records filed Monday with the Larimer County Public Trustee's Office, KeyBank National says Centerra Lifestyle Center LLC owes nearly $113 million on an original $116 million loan. Centerra is a partnership of Memphis, Tenn.-based Poag & McEwen Lifestyle Centers and a subsidiary of Loveland-based McWhinney.
McWhinney CEO Doug Hill says an agreement to extend or refinance a loan that came due this year could not be reached. Hill says tightened credit markets and the global financial crisis were factors.
He says the proceedings should have few effects on shopping center tenants, customers or day-to-day operations.