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Trustee Sale Ahead for Ritz-Carlton Condos

DENVER-Goldman Sachs Group is foreclosing on the 25 units above the new downtown Ritz-Carlton hotel after only one unit sold.

By Brian K. Miller | Updated on November 18, 2009

DENVER-The residential and commercial condominiums at the new Ritz-Carlton hotel downtown is in foreclosure and will be liquidated in a trustee sale next month. The project is in foreclosure after the developer sold only one of the 25 residential units. Goldman Sachs is the lender.

Tina Necrason of Orlando, who says she was hired by court-appointed receiver Todd Smith to market the properties for sale, tells GlobeSt.com that the project’s collateral–25 residential condominiums and two ground-floor commercial condominiums–will be sold as one property via a sealed-bid auction next month.

Goldman Sachs lent $27 million to CJS Hotel LLC for the condominium development, according to published reports. CJS Hotel is a partnership led by Denver hotel developer Charlie Biederman. The 202-room, $75-million hotel below the condominiums was separately financed.

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