The Mosque of the El Jebel Shrine on Monday, Dec. 12, 2023. (Hyoung Chang/The Denver Post)
A receiver now is overseeing Uptown’s El Jebel Shrine, which recently entered foreclosure.
Denver-based Cordes & Co. was appointed on April 30 for the building at 1770 Sherman St., court records show.
The appointment was made at the request of Fairbridge Strategic Capital, which loaned the building’s owner — entities managed by attorney Robert Lubin of American International & Immigration Law — $8.1 million in January 2023.
The bridge loan matured on Feb. 1 of this year, according to the receivership filing, meaning Lubin was supposed to pay off the loan in full.
Fairbridge filed to foreclose on the property on April 25, saying the current balance on the loan was $9.1 million. It was the second time the property entered foreclosure since 2021. The first time was under a different lender.
Lubin, who bought the property in 2016, told BusinessDen last month that he expects to pay off Fairbridge’s loan and proceed with plans to develop on the parking lot south of the Shrine building. His firm proposed a 30-story condo building in 2021, but Lubin said the new development proposal, which has yet to be submitted to the city. would be different.
The El Jebel Shrine, which was built in the early 1900s as a meeting hall for a fraternal organization, stands out from other Denver-area properties that have entered receivership in recent years.
Those other properties are generally office buildings. But the Shrine is a five-story structure that has been largely unused in recent years, although San Francisco-based Non Plus Ultra is now booking events in the space.
Attorneys Jeremy Rothstein and Travis Riley of Denver’s Senn Visciano Canges are representing the lender.
Cordes & Co. is also the company that Denver-based Zeppelin Development — the only local owner fighting a receivership request — wants for Zeppelin Station.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The Mosque of the El Jebel Shrine on Monday, Dec. 12, 2023. (Hyoung Chang/The Denver Post)
A receiver now is overseeing Uptown’s El Jebel Shrine, which recently entered foreclosure.
Denver-based Cordes & Co. was appointed on April 30 for the building at 1770 Sherman St., court records show.
The appointment was made at the request of Fairbridge Strategic Capital, which loaned the building’s owner — entities managed by attorney Robert Lubin of American International & Immigration Law — $8.1 million in January 2023.
The bridge loan matured on Feb. 1 of this year, according to the receivership filing, meaning Lubin was supposed to pay off the loan in full.
Fairbridge filed to foreclose on the property on April 25, saying the current balance on the loan was $9.1 million. It was the second time the property entered foreclosure since 2021. The first time was under a different lender.
Lubin, who bought the property in 2016, told BusinessDen last month that he expects to pay off Fairbridge’s loan and proceed with plans to develop on the parking lot south of the Shrine building. His firm proposed a 30-story condo building in 2021, but Lubin said the new development proposal, which has yet to be submitted to the city. would be different.
The El Jebel Shrine, which was built in the early 1900s as a meeting hall for a fraternal organization, stands out from other Denver-area properties that have entered receivership in recent years.
Those other properties are generally office buildings. But the Shrine is a five-story structure that has been largely unused in recent years, although San Francisco-based Non Plus Ultra is now booking events in the space.
Attorneys Jeremy Rothstein and Travis Riley of Denver’s Senn Visciano Canges are representing the lender.
Cordes & Co. is also the company that Denver-based Zeppelin Development — the only local owner fighting a receivership request — wants for Zeppelin Station.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
