Ankeny-based commercial real estate broker and developer Denny Elwell Co. has joined with former principals of Regency Commercial Services to form Edge Commercial LLC.

Ward Phifer, former president of Regency Commercial, which fell under the umbrella of companies that included what at one time was the state’s largest home builder, is a partner in Edge Commercial. He said the company will function as a general contractor for projects that could include those launched by his former company.

Denny Elwell Co. President Chris Murray said the company has a 50 percent interest in Edge Commercial.

The other partners are Dean Armentrout, Jason Ceretti and DJ Opdahl, all of whom held positions at Regency Commercial.

A total of 30 former Regency Commercial employees will work for Edge Commercial, Phifer said.

Murray said Denny Elwell Co. decided to invest in Edge Commercial because of prior development projects with Regency Commercial, Phifer, Armentrout, Ceretti and Opdahl.

“The four individuals are experts in the industry,” Murray said. “Our personal experience with the individuals and their work ethic made them a perfect group for us to partner with.”

The partnership allows Denny Elwell Co. to expand its current services, Murray said.

Regency Commercial will function as a shell company until it dissolves, said Phifer, who held a minority interest in the company.

Regency Commercial Services was formed in 2003 to complement the home building and land development companies with roots in Regency Builders, which was formed in 1986 by the late Michael Myers and Richard Moffitt.

“When we started Regency Commercial, it really was to serve the needs of the Myers family and their personal investments,” Phifer said.

Edge Commercial will manage the construction of at least two local Regency projects and will bid on other projects that the company had under contract.

Regency Homes announced in late April that it was shutting down and laying off employees because of cash flow problems complicated by a slowdown in the construction and sales of new homes and problems with one of its major creditors, Wells Fargo & Co.

Since Regency Homes’ collapse, individuals connected to the company and single-purpose limited liability companies it formed to buy land and build homes and larger projects have become the target of banks seeking to foreclose on property used as security on more than $65 million in loans.

In addition, banks have taken title to properties under voluntary agreements with Regency owners, primarily Michael Myers’ sons James and Robert and company co-founder Moffitt.

Phifer said that Edge Commercial has not carried any of the liabilities of the Regency companies into the new business. Edge Commercial will bid on jobs that Regency Commercial had committed to complete.

He said the Myers family attempted to keep Regency Commercial operating as long as possible. However, the company has no assets and the Regency name “carried too much baggage” due to the financial problems of its home building operations, Phifer said.

“I respect them for helping us. Their thing was ‘we’d do anything to keep (Regency Commercial) going,'” Phifer said.

“This has given us another opportunity. Now 30 people get to continue doing what they were doing,” he said.