Lender owed $20M initiates foreclosure on DTC office building

Solarium

The owner of the Solarium office building at 7400 E. Orchard Road in Greenwood Village has defaulted on its loan, according to the lender. (Google Street View)

A lender has filed to foreclose on the Solarium building in the Denver Tech Center, after saying it intended to do so in January.

New York-based Ready Capital submitted the paperwork regarding the Solarium building at 7400 E. Orchard Road in Greenwood Village on Tuesday.

The four-story, approximately 170,000-square-foot building is owned by CPVF II Solarium LLC, an affiliate of Austin-based CapRidge Partners. The firm paid $23.4 million for the property in November 2014, according to public records.

In December 2020, according to a January lawsuit, CapRidge took out a $20.39 million loan against the property from KeyBank. The loan was later assigned to New York-based Ready Capital.

CapRidge failed to pay off the loan by the maturity date, which was Dec. 10 of last year. At Ready Capital’s request, Trigild IVL was appointed as receiver of the building on Jan. 12.

CapRidge still owes $20.07 million on the loan, according to the foreclosure paperwork filed this week.

CapRidge didn’t respond to a request for comment on Thursday. Locally, the firm also owns multiple office buildings in Westminster and the Creekside Business Park in Longmont, according to its website.

Solarium is one of three buildings in Greenwood Village — one of six in the southern part of the metropolitan area — to enter receivership in the last year. The Triad Office Complex sold at auction to its lender in December, while the owner of 7100 E. Belleview Ave. gave back the keys in September.

Read more (newly updated): Troubled towers: Breaking down Denver’s distressed office properties

Solarium

The owner of the Solarium office building at 7400 E. Orchard Road in Greenwood Village has defaulted on its loan, according to the lender. (Google Street View)

A lender has filed to foreclose on the Solarium building in the Denver Tech Center, after saying it intended to do so in January.

New York-based Ready Capital submitted the paperwork regarding the Solarium building at 7400 E. Orchard Road in Greenwood Village on Tuesday.

The four-story, approximately 170,000-square-foot building is owned by CPVF II Solarium LLC, an affiliate of Austin-based CapRidge Partners. The firm paid $23.4 million for the property in November 2014, according to public records.

In December 2020, according to a January lawsuit, CapRidge took out a $20.39 million loan against the property from KeyBank. The loan was later assigned to New York-based Ready Capital.

CapRidge failed to pay off the loan by the maturity date, which was Dec. 10 of last year. At Ready Capital’s request, Trigild IVL was appointed as receiver of the building on Jan. 12.

CapRidge still owes $20.07 million on the loan, according to the foreclosure paperwork filed this week.

CapRidge didn’t respond to a request for comment on Thursday. Locally, the firm also owns multiple office buildings in Westminster and the Creekside Business Park in Longmont, according to its website.

Solarium is one of three buildings in Greenwood Village — one of six in the southern part of the metropolitan area — to enter receivership in the last year. The Triad Office Complex sold at auction to its lender in December, while the owner of 7100 E. Belleview Ave. gave back the keys in September.

Read more (newly updated): Troubled towers: Breaking down Denver’s distressed office properties

Your subscription has expired. Renew now by choosing a subscription below!

For more informaiton, head over to your profile.

Profile


SUBSCRIBE NOW

 — 

 — 

 — 

TERMS OF SERVICE:

ALL MEMBERSHIPS RENEW AUTOMATICALLY. YOU WILL BE CHARGED FOR A 1 YEAR MEMBERSHIP RENEWAL AT THE RATE IN EFFECT AT THAT TIME UNLESS YOU CANCEL YOUR MEMBERSHIP BY LOGGING IN OR BY CONTACTING [email protected].

ALL CHARGES FOR MONTHLY OR ANNUAL MEMBERSHIPS ARE NONREFUNDABLE.

EACH MEMBERSHIP WILL ONLY FUNCTION ON UP TO 3 MACHINES. ACCOUNTS ABUSING THAT LIMIT WILL BE DISCONTINUED.

FOR ASSISTANCE WITH YOUR MEMBERSHIP PLEASE EMAIL [email protected]




Return to Homepage

POSTED IN Commercial Real Estate

Editor's Picks

Comments are closed.