Colorado Springs Office Proprietor Affected With $8.1 Million Foreclosure

by San Antonio Attorney

One of the buildings owned by Quantum Corporation, a North Colorado Springs office complex, recently filed for foreclosure, according to the office records of the El Paso County Public Trustees.

Last Tuesday, a foreclosure notice worth $8.1 million was recorded.  This was against a limited liability company owned by North Star Finance Corp.

A foreclosure notice worth $23.9 million was also documented last August 24, in connection with the two Federal Drive buildings.

During the period of recession, foreclosures of offices, shopping centers and commercial properties that cost $1 million or more were fairly common.

In the county of El Paso, there were few cases of property foreclosure due to economic recovery.  A $9.3 million initial foreclosure of a property was the most large-scale in seven years.

In the case of the North Star Company, they reported a loss of $115.6 million during the second quarter; this is almost 20 percent from its increase in 2015.

The second-quarter loss of North Star was derived from the $16.1 million worth of losses, relating to the foreclosures of real estate properties.

Quantum buildings were acquired by the North Star last 2006.  The buyout costs approximately $54.3 million, according to the land records of El Paso County.

These notices of foreclosure were documented by the United States Bank of the El Paso County Trustee’s office.  The bank serves as a trustee of the Commercial Mortgage Trust of Wachovia Bank.  The bank recently issued loans to back financial securities on North Star.

Quantum Corporation, a computer storage devices manufacturer based in California, created the building almost 18 years ago, to accommodate 1,700 employees in their manufacturing operations.

Quantum retains their engineering, information technology and human resources workforce within the buildings and some areas are leased to other companies.

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