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Riverstone developers surrender buildings

David Cole | Hagadone News Network | UPDATED 13 years, 3 months AGO
by David Cole
| October 25, 2011 9:00 PM

COEUR d'ALENE - Business will continue as usual at Village at Riverstone, but the developers have deeded back to a Seattle-based lender a movie theater building and two adjacent multi-tenant retail buildings.

"This isn't a reflection" of the businesses occupying space in the three buildings, said Coeur d'Alene attorney John Magnuson, who represents the lender.

Magnuson said the tenants are stable at the property, located at 2416 N. Old Mill Loop.

"We have great tenants," he said.

A trustee sale is scheduled for 10 a.m. Dec. 20, in the office of First American Title Co., at 1866 N. Lakewood Drive.

"We just have to clean a couple things off the title," Magnuson said.

The Riverstone developers have surrendered to the lender, Washington Capital Management, the building housing the Regal Cinemas Riverstone Stadium 14.

The developers also surrendered the building just to the north and west of the cinemas. That building housed Essential Home Furnishings, which moved, and currently houses Azteca, which remains open.

The developers deeded back the retail building just south and west of the cinemas. That building houses a San Francisco Style Sourdough eatery, a Starbucks, The Mill Pub and Grub, a Cold Stone Creamery, and Shugar Shack chocolatier.

As of Aug. 1, there was an outstanding loan balance of $14 million plus daily interest of $3,600, according to a legal notice.

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