Trinity Place is located at 1801 Broadway. (BusinessDen file)
The 17-story office tower at 1801 Broadway is the latest in downtown Denver to land in the hands of a lender.
Connecticut-based LoanCore Capital took ownership of the 196,000-square-foot building known as Trinity Place on Nov. 21 when no one else bid at a foreclosure auction.
LoanCore had loaned the previous owner, Chicago-based Expansive, $35.4 million when Expansive bought the building for $40.2 million in April 2019.
LoanCore submitted a credit bid of $34.6 million in the November auction, which corresponded to the amount of principal remaining on the 2019 loan, according to Denver County records. Expansive also owed nearly $9 million in interest and late fees as of last month.
Expansive, formerly known as Novel Coworking, is a coworking operator that generally prefers to own its real estate. When Expansive bought Trinity Place, it became the company’s second coworking spot in downtown Denver, joining another at 1630 Welton St.
The foreclosure auction for 1801 Broadway had been expected for nearly 18 months. In August 2023, LoanCore said it planned to foreclose when it disclosed that Expansive had defaulted on the loan and asked a receiver be appointed to oversee the building. The lender ultimately submitted paperwork to initiate the foreclosure process in January.
Expansive ceased operating coworking in Trinity Place in April, according to Expansive Chief Financial Officer Chris Klare. But other tenants remain in the building, including Mexican restaurant La Loma.
The Trinity Place building is 17 stories. (BusinessDen file)
Expansive’s Denver-area operations as a whole have struggled. The company gave its 1630 Welton building back to a different lender in July. Additionally, Expansive has defaulted on the loan for its Boulder location, so a receiver also has overseen the site since June.
“We have a number of assets that are doing well, and we have a number of assets that are challenged,” Klare told BusinessDen in July. “Unfortunately, our Denver assets are generally challenged.”
Attorney Craig Allely in the Denver office of Perkins Coie represented LoanCore in the foreclosure.
Elsewhere downtown, other buildings currently owned by a lender are Civic Center Plaza at 1560 Broadway, Denver Energy Center at 1625/1675 Broadway and the aforementioned 1630 Welton building.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Trinity Place is located at 1801 Broadway. (BusinessDen file)
The 17-story office tower at 1801 Broadway is the latest in downtown Denver to land in the hands of a lender.
Connecticut-based LoanCore Capital took ownership of the 196,000-square-foot building known as Trinity Place on Nov. 21 when no one else bid at a foreclosure auction.
LoanCore had loaned the previous owner, Chicago-based Expansive, $35.4 million when Expansive bought the building for $40.2 million in April 2019.
LoanCore submitted a credit bid of $34.6 million in the November auction, which corresponded to the amount of principal remaining on the 2019 loan, according to Denver County records. Expansive also owed nearly $9 million in interest and late fees as of last month.
Expansive, formerly known as Novel Coworking, is a coworking operator that generally prefers to own its real estate. When Expansive bought Trinity Place, it became the company’s second coworking spot in downtown Denver, joining another at 1630 Welton St.
The foreclosure auction for 1801 Broadway had been expected for nearly 18 months. In August 2023, LoanCore said it planned to foreclose when it disclosed that Expansive had defaulted on the loan and asked a receiver be appointed to oversee the building. The lender ultimately submitted paperwork to initiate the foreclosure process in January.
Expansive ceased operating coworking in Trinity Place in April, according to Expansive Chief Financial Officer Chris Klare. But other tenants remain in the building, including Mexican restaurant La Loma.
The Trinity Place building is 17 stories. (BusinessDen file)
Expansive’s Denver-area operations as a whole have struggled. The company gave its 1630 Welton building back to a different lender in July. Additionally, Expansive has defaulted on the loan for its Boulder location, so a receiver also has overseen the site since June.
“We have a number of assets that are doing well, and we have a number of assets that are challenged,” Klare told BusinessDen in July. “Unfortunately, our Denver assets are generally challenged.”
Attorney Craig Allely in the Denver office of Perkins Coie represented LoanCore in the foreclosure.
Elsewhere downtown, other buildings currently owned by a lender are Civic Center Plaza at 1560 Broadway, Denver Energy Center at 1625/1675 Broadway and the aforementioned 1630 Welton building.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
