The 1700 S. Quebec St. parcel on Friday, Dec. 13, 2024. (Thomas Gounley/BusinessDen)
A lender is foreclosing on a 10-acre site in southeast Denver where an assisted living facility was once planned.
BRMK Lending LLC submitted paperwork this month that begins proceedings to auction off 1700 S. Quebec St., which is located in unincorporated Arapahoe County but otherwise surrounded by Denver’s Indian Creek neighborhood.
The site is undeveloped, although some site work was done at some point. A gravel road runs through the property. It is owned by Cherry Tree Estates LLC, which records show is managed by Timothy VanMeter.
BRMK gave Cherry Tree a $13.31 million construction loan in May 2021 at 11 percent annual interest, paperwork shows. Cherry Tree was to pay only interest on the loan until the maturity date of Dec. 1, 2022, when the loan would have to be paid off in full.
The loan agreement was modified multiple times, records show. The loan amount was halved, and the maturity date was pushed back — first to February 2023, then May and September of that year.
In initiating foreclosure this month, BRMK said Cherry Tree still owes $7.28 million in principal on the loan. Arapahoe County appraises the land’s value at $2.28 million.
VanMeter didn’t respond to a request for comment.
An address sign marking the 1700 S. Quebec St. parcel on Friday, Dec. 13, 2024. (Thomas Gounley/BusinessDen)
In 2019, VanMeter told the local CBS affiliate that a dispute over a sign was holding up his assisted-living project. First responders needed a large sign on the property listing the address, but when he installed a temporary one, Denver said it was in the city’s right-of-way and objected to its size, VanMeter told the station.
In a late 2020 post on its website, a nearby homeowners association referred to “14 years of discussion and work” on the project. The Concha Townhouse Association said Denver operated an “unofficial municipal dump on the property from approximately 1965 to 1968” and that the site had been undeveloped since.
The association said VanMeter planned nearly 15 structures, all but one of which would be one-story.
VanMeter previously owned an assisted-living facility in Arvada named Almost Like Home. But the facility was sold in 2021 after family residents voiced concerns about neglect and the state health department issued citations and a fine, according to CBS.
Attorney James Snow of Snell & Wilmer is representing the lender. He declined to comment.
The 1700 S. Quebec St. parcel on Friday, Dec. 13, 2024. (Thomas Gounley/BusinessDen)
A lender is foreclosing on a 10-acre site in southeast Denver where an assisted living facility was once planned.
BRMK Lending LLC submitted paperwork this month that begins proceedings to auction off 1700 S. Quebec St., which is located in unincorporated Arapahoe County but otherwise surrounded by Denver’s Indian Creek neighborhood.
The site is undeveloped, although some site work was done at some point. A gravel road runs through the property. It is owned by Cherry Tree Estates LLC, which records show is managed by Timothy VanMeter.
BRMK gave Cherry Tree a $13.31 million construction loan in May 2021 at 11 percent annual interest, paperwork shows. Cherry Tree was to pay only interest on the loan until the maturity date of Dec. 1, 2022, when the loan would have to be paid off in full.
The loan agreement was modified multiple times, records show. The loan amount was halved, and the maturity date was pushed back — first to February 2023, then May and September of that year.
In initiating foreclosure this month, BRMK said Cherry Tree still owes $7.28 million in principal on the loan. Arapahoe County appraises the land’s value at $2.28 million.
VanMeter didn’t respond to a request for comment.
An address sign marking the 1700 S. Quebec St. parcel on Friday, Dec. 13, 2024. (Thomas Gounley/BusinessDen)
In 2019, VanMeter told the local CBS affiliate that a dispute over a sign was holding up his assisted-living project. First responders needed a large sign on the property listing the address, but when he installed a temporary one, Denver said it was in the city’s right-of-way and objected to its size, VanMeter told the station.
In a late 2020 post on its website, a nearby homeowners association referred to “14 years of discussion and work” on the project. The Concha Townhouse Association said Denver operated an “unofficial municipal dump on the property from approximately 1965 to 1968” and that the site had been undeveloped since.
The association said VanMeter planned nearly 15 structures, all but one of which would be one-story.
VanMeter previously owned an assisted-living facility in Arvada named Almost Like Home. But the facility was sold in 2021 after family residents voiced concerns about neglect and the state health department issued citations and a fine, according to CBS.
Attorney James Snow of Snell & Wilmer is representing the lender. He declined to comment.
