The Park Place building is located at 5690 DTC Blvd. in Greenwood Village. (Google Maps)
A local landlord has a third Denver-area office building in default.
Denver-based Toma West defaulted on the loan for its Park Place building at 5690 DTC Blvd. in Greenwood Village last month, when it failed to pay it off upon maturity, according to a court filing from a lender.
Wilmington Trust, the trustee for the loan, cited the default last week when it asked Arapahoe County District Court Judge Benjamin Todd Figa to appoint a receiver to oversee the building.
Toma West has two buildings in foreclosure: 700 17th St. in downtown Denver and Orchard Falls in Greenwood Village. A receiver has been appointed for the former.
Wilmington Trust wants Judy Duran of CBRE to serve as receiver for Park Place. The judge had yet to rule on the request as of Monday morning, but receivership requests are typically perfunctory.
Toma West bought Park Place in September 2014 for $30.5 million, according to public records. The firm financed the deal with a $21.3 million loan from Ladder Capital Finance.
The loan matured on Oct. 6, according to Wilmington Trust’s lawsuit, which says the lender intends to proceed with foreclosure or a deed-in-lieu of foreclosure.
The building is 180,000 square feet, according to Toma West founder and President Kenneth Grant.
Owners generally pay off a maturing office loan by refinancing, taking out a new loan or selling the asset. Asked if his firm had sought to sell Park Place, Grant indicated that no one would be willing to pay anything close to the loan amount — let alone the 2014 sale price.
“Any buyer would be less than $10M,” Grant said in an email.
In addition to 700 17th St., Orchard Falls and Park Place, Toma West also owns the office buildings at 300 and 390 Union Blvd. in Lakewood, according to its website.
Attorney William Meyer of Polsinelli is representing Wilmington Trust.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The Park Place building is located at 5690 DTC Blvd. in Greenwood Village. (Google Maps)
A local landlord has a third Denver-area office building in default.
Denver-based Toma West defaulted on the loan for its Park Place building at 5690 DTC Blvd. in Greenwood Village last month, when it failed to pay it off upon maturity, according to a court filing from a lender.
Wilmington Trust, the trustee for the loan, cited the default last week when it asked Arapahoe County District Court Judge Benjamin Todd Figa to appoint a receiver to oversee the building.
Toma West has two buildings in foreclosure: 700 17th St. in downtown Denver and Orchard Falls in Greenwood Village. A receiver has been appointed for the former.
Wilmington Trust wants Judy Duran of CBRE to serve as receiver for Park Place. The judge had yet to rule on the request as of Monday morning, but receivership requests are typically perfunctory.
Toma West bought Park Place in September 2014 for $30.5 million, according to public records. The firm financed the deal with a $21.3 million loan from Ladder Capital Finance.
The loan matured on Oct. 6, according to Wilmington Trust’s lawsuit, which says the lender intends to proceed with foreclosure or a deed-in-lieu of foreclosure.
The building is 180,000 square feet, according to Toma West founder and President Kenneth Grant.
Owners generally pay off a maturing office loan by refinancing, taking out a new loan or selling the asset. Asked if his firm had sought to sell Park Place, Grant indicated that no one would be willing to pay anything close to the loan amount — let alone the 2014 sale price.
“Any buyer would be less than $10M,” Grant said in an email.
In addition to 700 17th St., Orchard Falls and Park Place, Toma West also owns the office buildings at 300 and 390 Union Blvd. in Lakewood, according to its website.
Attorney William Meyer of Polsinelli is representing Wilmington Trust.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
