Two of the buildings that make up Market Center in the 1600 block of Market Street. (Thomas Gounley/BusinessDen)
The owner of LoDo’s Market Center defaulted on a loan by failing to make an on-time payment this month, according to the lender.
Oconee Real Estate Holdings, an affiliate of New York-based Voya Financial, cited in default in a Thursday lawsuit, in which it asked that Steve Schwab of Cushman & Wakefield be appointed as receiver to oversee the property at 1624-1660 Market St.
Denver District Court Judge David Goldberg granted the request on Friday.
Market Center — not to be confused with the larger complex across the street dubbed Market Station — is owned by Seattle-based Urban Renaissance Group. It is 121,000 square feet, according to its website. The bulk of that — about 85,000 square feet — is office space, with the remainder retail. Restaurant tenants include Oskar Blues and Delectable Egg.
The complex consists of multiple adjacent buildings, all three or four stories, that stretch three-quarters of the block.
URG purchased Market Center in September 2015, paying $29.7 million, records show. In June 2022, URG took out a $27 million loan against the property from Voya.
URG’s monthly payment was due on Oct. 1. The company’s failure to pay on that date or within five days amounted to default under the loan agreement, according to Voya.
This four-story building at the corner of Market and 17th streets is part of Market Center. (Thomas Gounley/BusinessDen)
Schwab intends to hire his firm to manage the building, according to Voya. Cushman & Wakefield will be paid $4,000 per month or 2.5 percent of gross monthly rental income — whichever is greater — plus $400 a month for Schwab’s receivership services.
Attorney William Meyer of Polsinelli is representing the lender, which said in court documents it intends to proceed with foreclosure.
Urban Renaissance Group, which declined to comment, owns 14 million square feet across Colorado, Oregon and Washington, according to the firm. Elsewhere in Denver, the firm also owns the building at 100 Speer Blvd. leased to Fox31 and two properties in the 2300 block of Blake St.
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. (Thomas Gounley/BusinessDen)
The owner of LoDo’s Market Center defaulted on a loan by failing to make an on-time payment this month, according to the lender.
Oconee Real Estate Holdings, an affiliate of New York-based Voya Financial, cited in default in a Thursday lawsuit, in which it asked that Steve Schwab of Cushman & Wakefield be appointed as receiver to oversee the property at 1624-1660 Market St.
Denver District Court Judge David Goldberg granted the request on Friday.
Market Center — not to be confused with the larger complex across the street dubbed Market Station — is owned by Seattle-based Urban Renaissance Group. It is 121,000 square feet, according to its website. The bulk of that — about 85,000 square feet — is office space, with the remainder retail. Restaurant tenants include Oskar Blues and Delectable Egg.
The complex consists of multiple adjacent buildings, all three or four stories, that stretch three-quarters of the block.
URG purchased Market Center in September 2015, paying $29.7 million, records show. In June 2022, URG took out a $27 million loan against the property from Voya.
URG’s monthly payment was due on Oct. 1. The company’s failure to pay on that date or within five days amounted to default under the loan agreement, according to Voya.
This four-story building at the corner of Market and 17th streets is part of Market Center. (Thomas Gounley/BusinessDen)
Schwab intends to hire his firm to manage the building, according to Voya. Cushman & Wakefield will be paid $4,000 per month or 2.5 percent of gross monthly rental income — whichever is greater — plus $400 a month for Schwab’s receivership services.
Attorney William Meyer of Polsinelli is representing the lender, which said in court documents it intends to proceed with foreclosure.
Urban Renaissance Group, which declined to comment, owns 14 million square feet across Colorado, Oregon and Washington, according to the firm. Elsewhere in Denver, the firm also owns the building at 100 Speer Blvd. leased to Fox31 and two properties in the 2300 block of Blake St.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
