The Reunion Lofts project in March 2025. (Screenshot/Reunion Lofts)
A receiver has been handed the reins of a Winter Park project at the request of its lender.
The unfinished Reunion Lofts at 78436 U.S. Highway 40 are now being operated by Cordes & Co. out of Denver after falling behind schedule and failing to make loan payments.
“The appointment of a receiver for the property is reasonable and necessary for the protection of the assets,” Grand County District Judge Mary Hoak wrote May 1.
Reunion Lofts will be four three-story townhomes, each priced at $1.9 million, in downtown Winter Park. They will have three bedrooms, three baths and 2,200 square feet.
Completion dates for the project have been pushed back several times. The latest estimate is this summer. Chris Furman, a Denver man developing it, declined to discuss.
The project has been financed by an $8.4 million loan from Builders Capital that matured one year ago. Furman has not made interest payments, has not kept the project insured and has not pledged property of his in Lakewood as collateral, according to Builders Capital.
The lender sued Furman’s LLC at the start of May, seeking the receivership “avoid further deterioration and dissipation” of the project. It expects Cordes & Co. to finish construction of the townhomes so they can be sold and Builders Capital repaid.
The judge appointed Cordes & Co. hours later. Michael Staheli will lead the project now.
Builders Capital’s attorney is William Meyer in the Denver office of the Polsinelli firm.
The Reunion Lofts project in March 2025. (Screenshot/Reunion Lofts)
A receiver has been handed the reins of a Winter Park project at the request of its lender.
The unfinished Reunion Lofts at 78436 U.S. Highway 40 are now being operated by Cordes & Co. out of Denver after falling behind schedule and failing to make loan payments.
“The appointment of a receiver for the property is reasonable and necessary for the protection of the assets,” Grand County District Judge Mary Hoak wrote May 1.
Reunion Lofts will be four three-story townhomes, each priced at $1.9 million, in downtown Winter Park. They will have three bedrooms, three baths and 2,200 square feet.
Completion dates for the project have been pushed back several times. The latest estimate is this summer. Chris Furman, a Denver man developing it, declined to discuss.
The project has been financed by an $8.4 million loan from Builders Capital that matured one year ago. Furman has not made interest payments, has not kept the project insured and has not pledged property of his in Lakewood as collateral, according to Builders Capital.
The lender sued Furman’s LLC at the start of May, seeking the receivership “avoid further deterioration and dissipation” of the project. It expects Cordes & Co. to finish construction of the townhomes so they can be sold and Builders Capital repaid.
The judge appointed Cordes & Co. hours later. Michael Staheli will lead the project now.
Builders Capital’s attorney is William Meyer in the Denver office of the Polsinelli firm.
