Owner of Granby Ranch to surrender property as lender takes over
The lender for Granby Ranch intends to take back the property.
In a letter delivered to the Granby Board of Trustees on Tuesday, the owner of Granby Ranch, Marise Cipriani, said the lender has indicated it intends to take back the Granby Ranch property, which serves as collateral for the loan.
Granby Realty Holdings LLC is in conversations with its lender, Granby Prentice LLC, for a deed in lieu of foreclosure, which allows the owner to surrender the property and avoid foreclosure proceedings.
Signed by Cipriani, the letter says Granby Ranch expects the lending company to take the title to the property soon, but the ranch plans to continue winter operations through the 2019-20 ski season.
Leadership at Granby Ranch said the resort itself is not being surrendered to the lender, only the real estate holdings surrounding the resort.
“While ownership of the Granby Ranch real estate holdings will change, the resort portion of the Ranch will continue to operate as usual, with opening day on Friday, Dec. 13,” said Greg Finch, Granby Ranch chief operating officer.
Granby resident Natascha O’Flaherty explained to Sky-Hi News that under the current management contract the resort amenities will remain open through the season and that there are plans to find new management for the resort next year.
O’Flaherty also stated that while the lender will take ownership of the property, the ski and golf amenities at the resort remain subject to the lease purchase agreement that homeowners have already paid several million dollars into.
Granby Realty Holdings had been pursuing a sale of the property for the last 18 months. Granby Ranch saw over 70 prospects for the property, according to the letter.
The real estate listing for the sale is no longer available.
The letter states that in final stages of negotiating with a potential buyer from Denver, Granby Prentice declined to proceed with the sale on terms acceptable to the buyer.
To manage the property, Granby Prentice will be working with Pacific Coast Capital Partners, a real estate finance and investment management firm.
Granby Mayor Paul Chavoustie said he believed the town would actually benefit with the Granby Ranch property in the hands of multi-million dollar companies.
“It doesn’t make practical sense to let anything decline,” Chavoustie said.
He pointed out that in order for the lender to not lose money on Granby Ranch, it would be logical to continue running the amenities that add value to the development and perhaps even make improvements. This is something the new ownership would have the financial capacity to do.
“People need to remind themselves why (Granby Reality Holdings) bought it in the first place,” Chavoustie said. “Granby Ranch is an amazing, amazing hidden gem in the mountains.”
The letter was presented during the town board’s Tuesday meeting where the town had set a deadline to call bonds for road repairs in Granby Ranch. As the soon-to-be owner, Granby Prentice will assume all obligations that run with the land, according to the letter.
The town called $1.7 million in bonds related to road repair, which the board unanimously approved. The board also moved to restrict sales, building permits and certificates of occupancy for properties owned by the developer and any successor. The board’s attorney was given direction to ensure a reimbursement agreement is put in place.
Editor’s note: Due to the nature of this story, it has been updated periodically as information becomes available. Changes include comments from Natascha O’Flaherty and Paul Chavoustie, along with clarification that the town called bonds for road repairs in Granby Ranch.
The story has also been changed to clarify that the restriction of sales, building permits and certificates of occupancy applies only to the properties owned by the developer and any successor.
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Trustees are contemplating how to make Granby more of a destination as development swells along the town’s main street.