The 1701 31st St. building is being used by crews building Steel House next door. (Thomas Gounley/BusinessDen)
An industrial property tucked behind an office building under construction in RiNo has entered foreclosure.
The owner of 1701 31st St. took out a $1.97 million loan in October 2018 from Montegra Capital Resources, a lender with an office in Cherry Creek. The firm later agreed to loan him additional amounts, bringing the total loaned to $4 million, records show.
Montegra filed to foreclose on the property in March. An auction is scheduled for June 27, although auction dates are regularly pushed back and an alternate resolution could be reached.
The 1701 31st St. property is a little more than one-half acre, and has a 5,000-square-foot structure on it, records show. It’s tucked behind Steel House, the 12-story office building being developed by Boston-based Beacon Capital Partners and Denver-based Elevation Development Group.
The lot is owned by 31st LLC, which bought it in 2012 for $420,000, according to public records. Louis LaFond signed the 2018 loan agreement, stating he was the sole member of the LLC.
According to his LinkedIn profile, LaFond is the founder of LFX Filmworks, a set design and special effects company that makes materials for theme parks, television programming and other settings.
LFX previously used the RiNo property, which now appears to be used by crews building the adjacent office building. Fencing that surrounds the Steel House construction site extends around the 1701 31st parcel.
Attempts to reach LaFond for comment last week were unsuccessful. A message sent to LFX’s main email address was returned as undeliverable.
Steel House, seen here on June 3, 2024, is an office building at 3100 Brighton Blvd. being developed by Beacon Capital Partners and Elevation Development Group. (Thomas Gounley/BusinessDen)
LaFond’s original $1.97 million loan was set to be paid off in October 2020. But when that maturity date came, Montegra agreed to push that date back to April 2022 and loan LaFond an additional $535,000, bringing the principal to $2.5 million, according to loan documents.
In March 2022, the firm loaned him another $1.5 million and moved the maturity date to October 2023, according to loan documents. That deadline was then moved again, to this past January.
LaFond appears to have been interested in redeveloping the property. In 2020, Denver received plans proposing a four-story building with areas labeled concert hall, banquet hall and film studio.
Attorney Emily Jane Bennett with Laff Bennett Logan is representing the lender in bankruptcy proceedings. She declined to comment.
The 1701 31st St. building is being used by crews building Steel House next door. (Thomas Gounley/BusinessDen)
An industrial property tucked behind an office building under construction in RiNo has entered foreclosure.
The owner of 1701 31st St. took out a $1.97 million loan in October 2018 from Montegra Capital Resources, a lender with an office in Cherry Creek. The firm later agreed to loan him additional amounts, bringing the total loaned to $4 million, records show.
Montegra filed to foreclose on the property in March. An auction is scheduled for June 27, although auction dates are regularly pushed back and an alternate resolution could be reached.
The 1701 31st St. property is a little more than one-half acre, and has a 5,000-square-foot structure on it, records show. It’s tucked behind Steel House, the 12-story office building being developed by Boston-based Beacon Capital Partners and Denver-based Elevation Development Group.
The lot is owned by 31st LLC, which bought it in 2012 for $420,000, according to public records. Louis LaFond signed the 2018 loan agreement, stating he was the sole member of the LLC.
According to his LinkedIn profile, LaFond is the founder of LFX Filmworks, a set design and special effects company that makes materials for theme parks, television programming and other settings.
LFX previously used the RiNo property, which now appears to be used by crews building the adjacent office building. Fencing that surrounds the Steel House construction site extends around the 1701 31st parcel.
Attempts to reach LaFond for comment last week were unsuccessful. A message sent to LFX’s main email address was returned as undeliverable.
Steel House, seen here on June 3, 2024, is an office building at 3100 Brighton Blvd. being developed by Beacon Capital Partners and Elevation Development Group. (Thomas Gounley/BusinessDen)
LaFond’s original $1.97 million loan was set to be paid off in October 2020. But when that maturity date came, Montegra agreed to push that date back to April 2022 and loan LaFond an additional $535,000, bringing the principal to $2.5 million, according to loan documents.
In March 2022, the firm loaned him another $1.5 million and moved the maturity date to October 2023, according to loan documents. That deadline was then moved again, to this past January.
LaFond appears to have been interested in redeveloping the property. In 2020, Denver received plans proposing a four-story building with areas labeled concert hall, banquet hall and film studio.
Attorney Emily Jane Bennett with Laff Bennett Logan is representing the lender in bankruptcy proceedings. She declined to comment.
