Aurora Corporate Plaza sits at the southeast corner of Iliff Avenue and Peoria Street. (Google Maps)
The owner of a three-building office complex in southern Aurora has defaulted on its loan, according to its lender.
Denver-based Cordes & Co. has been appointed as receiver of the Aurora Corporate Plaza complex at 12100-12250 E. Iliff Ave. following a request from lender Independent Bank.
The complex at the southeast corner of Iliff and Peoria Street has 235,000 rentable square feet, according to marketing materials. It was purchased in December 2016 for $17.4 million by an affiliate of San Francisco-based Graham Street Realty, records show.
The firm financed the deal with a $10 million loan from Guaranty Bank and Trust Co., records show. Independent Bank acquired Guaranty Bank in late 2018.
In late 2019, Independent Bank and Graham Street modified the loan to add another $5 million in principal, bringing the total loaned to $15 million, records show.
In a lawsuit filed on Nov. 8, Independent Bank said the loan matured on Sept. 15 of this year, meaning Graham Street needed to pay it off in full by that date. The company failed to do so. But Graham Street had defaulted on the loan even prior to that, according to the lawsuit, which didn’t elaborate on the nature of that default.
Graham Street, an affiliate of Hamilton Zanze, didn’t respond to a request for comment from BusinessDen.
A portfolio on Graham Street’s website lists seven properties in the Denver and Boulder regions, although the firm sold at least two of them — the Pyramid Pointe office building at 9777 Pyramid Court in Douglas County and the Commerce Square industrial complex in Aurora — last year.
Attorneys John F. Young and Jennifer Salisbury of Markus Williams Young & Hunsicker are representing Independent Bank.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
Aurora Corporate Plaza sits at the southeast corner of Iliff Avenue and Peoria Street. (Google Maps)
The owner of a three-building office complex in southern Aurora has defaulted on its loan, according to its lender.
Denver-based Cordes & Co. has been appointed as receiver of the Aurora Corporate Plaza complex at 12100-12250 E. Iliff Ave. following a request from lender Independent Bank.
The complex at the southeast corner of Iliff and Peoria Street has 235,000 rentable square feet, according to marketing materials. It was purchased in December 2016 for $17.4 million by an affiliate of San Francisco-based Graham Street Realty, records show.
The firm financed the deal with a $10 million loan from Guaranty Bank and Trust Co., records show. Independent Bank acquired Guaranty Bank in late 2018.
In late 2019, Independent Bank and Graham Street modified the loan to add another $5 million in principal, bringing the total loaned to $15 million, records show.
In a lawsuit filed on Nov. 8, Independent Bank said the loan matured on Sept. 15 of this year, meaning Graham Street needed to pay it off in full by that date. The company failed to do so. But Graham Street had defaulted on the loan even prior to that, according to the lawsuit, which didn’t elaborate on the nature of that default.
Graham Street, an affiliate of Hamilton Zanze, didn’t respond to a request for comment from BusinessDen.
A portfolio on Graham Street’s website lists seven properties in the Denver and Boulder regions, although the firm sold at least two of them — the Pyramid Pointe office building at 9777 Pyramid Court in Douglas County and the Commerce Square industrial complex in Aurora — last year.
Attorneys John F. Young and Jennifer Salisbury of Markus Williams Young & Hunsicker are representing Independent Bank.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
