Johnstown’s West Ridge in foreclosure; developer vows to move ahead - BizWest
Thomas Clayton
Johnstown’s West Ridge in foreclosure; developer vows to move ahead
JOHNSTOWN — A representative of developer CaliberCos. Inc. says he plans to move ahead with home and commercial construction on a 135-acre property west of Interstate 25 and north of Colorado Highway 402 in Johnstown that has gone into foreclosure.
According to documents filed July 17 with the Larimer County Public Trustee, West Ridge HoldCo LLC, the owner of the property at 5531 E. Highway 402 owes $12 million to Mountain View Farms Inc.
The foreclosure notice states that the original loan was made on March 29, 2024. West Ridge shares the same 8901 E. Mountain View Road address in Scottsdale, Arizona, with CaliberCos. Inc., a master-planned community real estate developer.
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If the debt is not cured, Larimer County Public Trustee Irene Josey has scheduled a property sale for March 4.
Roy Bade, chief development officer at Caliber, said he was notified about the foreclosure, but he said he plans to restructure the property financing with investors or a bank. “We’re moving ahead with that project, and we’re very excited about it,” Bade said Thursday.
Bade said he expected to be “much farther along” with the development process, but that working with the Colorado Department of Transportation and Larimer County on ingress and egress issues took longer than he thought. Those issues are now resolved after more than three years of work, he said.
“We’re disappointed that they (the sellers) took this path, but it’s understandable with the delays,” Bade said.
Caliber has a commitment to the Johnstown area and is working on several other nearby parcels of land, Bode said. He estimates that the company has completed about $25 million in infrastructure improvements and is in the process of doing about $20 million more in infrastructure improvements in the area.
Caliber controls about 750 acres of land in Johnstown. The company paid $14 million for the property in April 2024.
 | Tom Clayton Communication and Media Specialist, Public Affairs |
| Commissioners' Office 200 W Oak St, Fort Collins, 80522 | 2nd Floor W: (970) 498-7005 tcla...@larimer.org | www.larimer.org |