Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
A receiver has been requested for the Denver Tech Center’s Harlequin Plaza office complex after its owner defaulted on a $28 million loan last month, according to court records.
Wilmington Trust filed a lawsuit Friday seeking the appointment of a third-party caretaker for the 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village.
The two-building complex on 18 acres was built in 1980 and renovated in 2013. It is owned by Seattle-based Unico Properties, which bought it in October 2012 for $26.55 million, according to public records.
In May 2014, Unico took out a $28 million loan on the complex from Wells Fargo Bank, records show. That loan matured last month, according to a report from Trepp, a firm that tracks commercial real estate loans.
Maturity refers to the date when a loan must be paid off, but Unico failed to do so, records state. The loan was sent to special servicing shortly before default, per Trepp. Wilmington Trust acts as trustee of the loan.
Unico hoped it could avoid the situation. The Trepp report states that, as of late 2023,Unico had expected to be able to pay off the loan upon maturity and was “exploring the potential outcome of a sale.” Unico had been making its required monthly payments through May, per the Trepp report, which doesn’t cover the months since.
A local Unico executive did not respond to requests for comment on Monday.
The complex’s largest tenant is Bellco Credit Union, which is based there. Other tenants include Guild Mortgage Co. and IMEG Corp.
Wilmington Trust has requested that Robert Knisely of Transwestern be appointed as receiver of Harlequin Plaza. A judge had yet to rule on the request as of Monday afternoon. Receivership requests are typically perfunctory, although one local landlord did unsuccessfully fight back in court earlier this year.
Unico is a major Denver landlord. The firm’s other area office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Harlequin Plaza, at 7600 E. Orchard Plaza in Greenwood Village, consists of two nearly identical buildings. (Google Maps)
A receiver has been requested for the Denver Tech Center’s Harlequin Plaza office complex after its owner defaulted on a $28 million loan last month, according to court records.
Wilmington Trust filed a lawsuit Friday seeking the appointment of a third-party caretaker for the 330,000-square-foot complex at 7600 E. Orchard Road in Greenwood Village.
The two-building complex on 18 acres was built in 1980 and renovated in 2013. It is owned by Seattle-based Unico Properties, which bought it in October 2012 for $26.55 million, according to public records.
In May 2014, Unico took out a $28 million loan on the complex from Wells Fargo Bank, records show. That loan matured last month, according to a report from Trepp, a firm that tracks commercial real estate loans.
Maturity refers to the date when a loan must be paid off, but Unico failed to do so, records state. The loan was sent to special servicing shortly before default, per Trepp. Wilmington Trust acts as trustee of the loan.
Unico hoped it could avoid the situation. The Trepp report states that, as of late 2023,Unico had expected to be able to pay off the loan upon maturity and was “exploring the potential outcome of a sale.” Unico had been making its required monthly payments through May, per the Trepp report, which doesn’t cover the months since.
A local Unico executive did not respond to requests for comment on Monday.
The complex’s largest tenant is Bellco Credit Union, which is based there. Other tenants include Guild Mortgage Co. and IMEG Corp.
Wilmington Trust has requested that Robert Knisely of Transwestern be appointed as receiver of Harlequin Plaza. A judge had yet to rule on the request as of Monday afternoon. Receivership requests are typically perfunctory, although one local landlord did unsuccessfully fight back in court earlier this year.
Unico is a major Denver landlord. The firm’s other area office holdings include 1755 Blake St., 1420 Wazee St. and 1875 Lawrence St. in downtown Denver, as well as 7887 E. Belleview Ave. in the DTC.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner is representing Wilmington Trust.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
