The proprietor of a renovated theater alongside South Broadway is again on good phrases with its lender.
Sonquist LLC, which owns the Jewel Theater at 1912 S. Broadway in Denver, exited chapter Feb. 6.
The entity managed by actual property legal professional Doug Norberg and enterprise associate Paul Yaft filed for Chapter 11 on Jan. 23 to stop the constructing’s lender, MidWestOne Financial institution, from foreclosing.
MidWestOne, which took over the constructing’s $2.3 million mortgage when it acquired Financial institution of Denver in 2024, withdrew its foreclosures effort Feb. 3, information present.
“All points and litigation have been absolutely resolved,” Norberg and Yaft mentioned in a press release. “On the Jewel, we had been navigating occupancy-related delays with the Metropolis that required further time and capital and we took the steps we wanted to protect the property and create runway.”
Norberg beforehand mentioned the pair skipped mortgage funds in order that they’d have money to put in a sprinkler system the town mandated.
The Jewel Theater was constructed as a cinema in 1926. By the Seventies, it was exhibiting pornographic movies. Within the Nineties, a climbing health club moved in and operated for 25 years earlier than closing in early 2018. Norberg and Yates purchased the constructing for $1.6 million that December and sought to renovate it to its former glory.
“Curiosity within the property has been robust, and we’re actively entertaining lease proposals from operators who acknowledge its uniqueness, visibility and viability,” the pair mentioned.
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