MONTROSE – Smugglers in Montrose, a longtime brew pub and restaurant owned by Mike Metz of Telluride, has closed its doors and gone into foreclosure.
The action has no affect on Smugglers locations in Telluride and Grand Junction, because they were financed separately, said Rachel Basye, marketing and public relations manager for the Colorado Housing and Finance Authority.
The authority is a quasi-governmental agency created by the state legislature to make loans to small businesses. It also promotes affordable housing, is self-sustaining and uses no tax dollars, she said. The authority had made a loan to the registered owner of Smuggler’s, MAD LLC, but payments were not met.
“It closed because the buyer could no longer afford to make financial commitments,” Basye said. “We were not a lender on the other locations.”
The foreclosure sale has occurred and a receiver, Renfrow Realty of Montrose, is expected to take possession of Smugglers by Monday, she said.
“They will clean it up and put it back on the market,” Basye said.
Metz could not be reached for comment before press time.