Bridgewater Living is an unfinished senior housing project in Castle Rock. (Facebook)
An unfinished, bankrupt senior housing project in Castle Rock will be sold for $36.5 million.
Solterra Cos., an Arizona developer, broke ground in 2021 on Bridgewater Living, a 142-unit complex at 3997 Home St., on a hillside just east of Interstate 25. Bridgewater was scheduled to open to low- and middle-income seniors in mid-2022, according to past media reports.
But last year, UMB Bank complained to a judge that the project, “undercapitalized at the outset,” was “in financial freefall” and “hemorrhaging money.” A receiver was appointed.
Chapter 11 bankruptcy followed and the investment broker Raymond James & Associates was brought in a few months later to sell the project. It reached out to 1,100 firms.
“In my professional experience, the marketing efforts for this sale process were extensive and were targeted to reach the parties that would engage meaningfully in the sale process,” David Fields, a managing director at Raymond James, wrote in a recent bankruptcy affidavit.
Two qualified bids were received and an in-person auction was held July 8 in Denver, court records show. The winner was TST Capital of Texas, a real estate investment firm.
“It is my primary goal to both invest in companies that will be financially healthy and that will contribute positively to the surrounding community,” Rajiv Trivedi, CEO of TST, explained in an affidavit. “It is with this view in mind that we are proceeding with the purchase.”
TST, which did not answer an interview request, was already a 25% investor in the project. Its bid was approved by U.S. Bankruptcy Judge Thomas McNamara on Nov. 10. Closing, which was initially scheduled for Halloween, has not yet occurred, county records show.
McNamara approved the deal despite concerns by some creditors that Trivedi is a Bridgewater insider who benefited accordingly. Trivedi told the judge that he was a silent partner who “has not received any advantage or preferential treatment.” He vowed not to hire Solterra CEO Steve Jorgenson, who has been blamed for allegedly bungling the Bridgewater project.
Bridgewater’s bankruptcy attorney is Keri Riley of Kutner Brinen Dickey Riley in Denver.
Bridgewater Living is an unfinished senior housing project in Castle Rock. (Facebook)
An unfinished, bankrupt senior housing project in Castle Rock will be sold for $36.5 million.
Solterra Cos., an Arizona developer, broke ground in 2021 on Bridgewater Living, a 142-unit complex at 3997 Home St., on a hillside just east of Interstate 25. Bridgewater was scheduled to open to low- and middle-income seniors in mid-2022, according to past media reports.
But last year, UMB Bank complained to a judge that the project, “undercapitalized at the outset,” was “in financial freefall” and “hemorrhaging money.” A receiver was appointed.
Chapter 11 bankruptcy followed and the investment broker Raymond James & Associates was brought in a few months later to sell the project. It reached out to 1,100 firms.
“In my professional experience, the marketing efforts for this sale process were extensive and were targeted to reach the parties that would engage meaningfully in the sale process,” David Fields, a managing director at Raymond James, wrote in a recent bankruptcy affidavit.
Two qualified bids were received and an in-person auction was held July 8 in Denver, court records show. The winner was TST Capital of Texas, a real estate investment firm.
“It is my primary goal to both invest in companies that will be financially healthy and that will contribute positively to the surrounding community,” Rajiv Trivedi, CEO of TST, explained in an affidavit. “It is with this view in mind that we are proceeding with the purchase.”
TST, which did not answer an interview request, was already a 25% investor in the project. Its bid was approved by U.S. Bankruptcy Judge Thomas McNamara on Nov. 10. Closing, which was initially scheduled for Halloween, has not yet occurred, county records show.
McNamara approved the deal despite concerns by some creditors that Trivedi is a Bridgewater insider who benefited accordingly. Trivedi told the judge that he was a silent partner who “has not received any advantage or preferential treatment.” He vowed not to hire Solterra CEO Steve Jorgenson, who has been blamed for allegedly bungling the Bridgewater project.
Bridgewater’s bankruptcy attorney is Keri Riley of Kutner Brinen Dickey Riley in Denver.
