The office building at 7100 E. Belleview Ave. in Greenwood Village in July 2023. (BusinessDen file)
A Denver Tech Center office building owner that defaulted on its loan plans to hand the keys to the lender.
The lender on a 179,000-square-foot building at 7100 E. Belleview Ave. in Greenwood Village said in a Wednesday court filing that its owner “in the process of delivering title to the Property … in lieu of foreclosure.”
The office building is owned by 7100 E Belleview Property LLC, an entity affiliated with California-based Westport Capital Partners that paid $19.9 million for the property in December 2015, according to public records.
It financed the deal with a $14.65 million loan from Wells Fargo, which was paid off in December 2019. That same month, the owner took out a $21.08 million loan from Oconee Real Estate Holdings III LLC, which is affiliated with New York-based Voya Financial.
The Voya affiliate sued in July, saying the owner had defaulted on the loan by terminating the building’s management agreement without Voya’s consent. The lender said Westport still owes more than $18.5 million on the loan and that the loan is undersecured, meaning the building is worth less than the loan amount.
A judge appointed a receiver to oversee the property on July 10.
In the court filing this week, Voya asked the receivership be terminated in light of the planned deed-in-lieu transaction. Attorney William Meyer of Polsinelli is representing the lender in court proceedings.
Westport didn’t respond to a request for comment.
The building was 48 percent leased as of July 31, according to a report submitted by the receiver this month. Another 13,000 square feet was on the sublease market, meaning just 40 percent was considered occupied.
Voya is also foreclosing on the Triad Office Complex at 5660-5680 Greenwood Plaza Blvd. in Greenwood Village. A receiver was appointed for that property, which is owned by Denver-based Focus Property Group, in April at Voya’s request.
Westport also owns the 30-story office tower at 1660 Lincoln St. in downtown Denver.
The office building at 7100 E. Belleview Ave. in Greenwood Village in July 2023. (BusinessDen file)
A Denver Tech Center office building owner that defaulted on its loan plans to hand the keys to the lender.
The lender on a 179,000-square-foot building at 7100 E. Belleview Ave. in Greenwood Village said in a Wednesday court filing that its owner “in the process of delivering title to the Property … in lieu of foreclosure.”
The office building is owned by 7100 E Belleview Property LLC, an entity affiliated with California-based Westport Capital Partners that paid $19.9 million for the property in December 2015, according to public records.
It financed the deal with a $14.65 million loan from Wells Fargo, which was paid off in December 2019. That same month, the owner took out a $21.08 million loan from Oconee Real Estate Holdings III LLC, which is affiliated with New York-based Voya Financial.
The Voya affiliate sued in July, saying the owner had defaulted on the loan by terminating the building’s management agreement without Voya’s consent. The lender said Westport still owes more than $18.5 million on the loan and that the loan is undersecured, meaning the building is worth less than the loan amount.
A judge appointed a receiver to oversee the property on July 10.
In the court filing this week, Voya asked the receivership be terminated in light of the planned deed-in-lieu transaction. Attorney William Meyer of Polsinelli is representing the lender in court proceedings.
Westport didn’t respond to a request for comment.
The building was 48 percent leased as of July 31, according to a report submitted by the receiver this month. Another 13,000 square feet was on the sublease market, meaning just 40 percent was considered occupied.
Voya is also foreclosing on the Triad Office Complex at 5660-5680 Greenwood Plaza Blvd. in Greenwood Village. A receiver was appointed for that property, which is owned by Denver-based Focus Property Group, in April at Voya’s request.
Westport also owns the 30-story office tower at 1660 Lincoln St. in downtown Denver.
