Two of the buildings that make up Market Center in the 1600 block of Market Street. (BusinessDen file)
A lender has foreclosed on Market Center, an office-and-retail complex in LoDo.
Oconee Real Estate Holdings, an affiliate of New York-based Voya Financial, took ownership of the 121,000-square-foot complex at 1624-1660 Market St. on Thursday, according to public records.
The firm submitted a credit bid of $18.26 million.
Seattle-based Urban Renaissance Group previously owned the property. It paid $29.7 million for it in September 2015. In June 2022, the company took out a $27 million loan against the property from the Voya affiliate.
The credit bid was $5.55 million less than what URG owned on the property at the time of the auction.
URG defaulted on the loan in October when it failed to make an on-time payment for the month, according to Voya. The lender initiated foreclosure proceedings in November.
The Market Center complex consists of multiple adjacent buildings, all three or four stories, that stretch three-quarters of the 1600 block of Market Street. The complex has 85,000 square feet of office space, with the remainder retail. Restaurant tenants include Oskar Blues and Delectable Egg.
This is the second Denver office property that URG has lost to a lender. In January, the firm executed a deed-in-lieu of foreclosure for its one-story, 71,000-square-foot building at 2399 Blake St.
Locally, URG still owns the building at 2301 Blake St. and the KDVR/Fox31 building at 100 Speer Blvd.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Two of the buildings that make up Market Center in the 1600 block of Market Street. (BusinessDen file)
A lender has foreclosed on Market Center, an office-and-retail complex in LoDo.
Oconee Real Estate Holdings, an affiliate of New York-based Voya Financial, took ownership of the 121,000-square-foot complex at 1624-1660 Market St. on Thursday, according to public records.
The firm submitted a credit bid of $18.26 million.
Seattle-based Urban Renaissance Group previously owned the property. It paid $29.7 million for it in September 2015. In June 2022, the company took out a $27 million loan against the property from the Voya affiliate.
The credit bid was $5.55 million less than what URG owned on the property at the time of the auction.
URG defaulted on the loan in October when it failed to make an on-time payment for the month, according to Voya. The lender initiated foreclosure proceedings in November.
The Market Center complex consists of multiple adjacent buildings, all three or four stories, that stretch three-quarters of the 1600 block of Market Street. The complex has 85,000 square feet of office space, with the remainder retail. Restaurant tenants include Oskar Blues and Delectable Egg.
This is the second Denver office property that URG has lost to a lender. In January, the firm executed a deed-in-lieu of foreclosure for its one-story, 71,000-square-foot building at 2399 Blake St.
Locally, URG still owns the building at 2301 Blake St. and the KDVR/Fox31 building at 100 Speer Blvd.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
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