Patrons enter the midnight showing of "The Deep End," at The Rosebud Cinema, 68th and North Avenue. Credit: Journal Sentinel File

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The Rosebud and Times cinemas are closing the first week of March, according to owner David Glazer.

Glazer has owned the Times Cinema, 5906 W. Vliet St., since January 2007. He has owned the Rosebud Cinema Drafthouse, 6823 W. North Ave., Wauwatosa, since October 2007.

Glazer said in a news release that, like investors who purchased property five to six years ago, he bought the properties when the market was high.

"Property values have fallen considerably in the last few years," Glazer said. "The lending environment today makes it very difficult to renew or refinance commercial loans."

Glazer said he was facing a balloon payment from the lender, AnchorBank. And despite negotiations to renew or refinance his loan, Glazer said he was unable to do so.

The foreclosure, he said, is connected to a cross-collateralization with some of his other properties.

"I feel badly about this, and we'll miss the camaraderie and the interaction with our customers," he said in an interview. "Our customers were loyal to us, and our staff was great."

The Times Cinema opened in June 1935 in a former automobile repair building. The Rosebud originally was opened as the Tosa Theatre in October 1931.

The Times specialized in classic and second-run films, with concerts, special events and a cult movie thrown in once in a while. The Rosebud, with its sofa-viewing motif, offered first-run movies.

This week, the Times is showing a program of Oscar-nominated live-action short films. The Rosebud is showing the Denzel Washington/Ryan Reynolds action movie "Safe House."