Jewel Theater building in foreclosure as owner keeps cash for sprinkler work
A historic theater in Denver’s Platt Park neighborhood is facing foreclosure, but the owner is confident in their ability to resolve the situation.
The Jewel Theater building, constructed a century ago at 1912 S. Broadway, was previously home to a climbing gym before being purchased by real estate attorney Doug Norberg and his business partner Paul Yaft in late 2018 for $1.6 million. The duo embarked on extensive renovations to restore the building to its former grandeur.
However, complications arose when the bank that provided a $2.3 million loan for the renovation was acquired by a different financial institution. Disagreements over necessary improvements to the building led to missed payments and eventual default on the loan, resulting in foreclosure proceedings initiated by the bank.
Despite the looming foreclosure, Norberg remains optimistic about the theater’s value and plans to secure a new loan to pay off the existing debt before a foreclosure auction takes place. He believes the theater’s value far exceeds the outstanding loan amount, making it a secure investment for any lender.
The legal proceedings are ongoing, with attorney Timothy Shea representing the bank in the foreclosure process. The theater, once leased for music events, has been vacant since 2022, incurring holding costs for the owners.
While the situation is challenging, Norberg is determined to resolve the foreclosure issue and restore the Jewel Theater to its former glory.
This article was originally published by BusinessDen.
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