The Meridian One office building at 9785 Maroon Circle in Douglas County. (Google Street View)
The owner of an office building in unincorporated Douglas County defaulted on its loan over the summer, bringing distressed office to far reaches of the southern suburbs.
Portland-based Felton Properties, which owns the Meridian One building at 9785 Maroon Circle, failed to make its July principal and interest payment of about $77,500, according to a lawsuit filed last week by the trustee for its lender.
Judy Duran of CBRE was appointed Wednesday as receiver to oversee the building at the request of the trustee, Wilmington Trust.
Felton, acting as Denver Meridian Equities LLC, paid $12.8 million for the Meridian One building in January 2014, according to county records. The building is about 140,000 square feet, according to Felton’s website. It was completed in 1984 and is located in unincorporated Douglas County just northeast of the Interstate 25/Lincoln Avenue interchange.
In December 2019, Societe Generale issued a $16.4 million loan secured by the property.
According to Wilmington Trust’s lawsuit, Felton had defaulted on the terms of the loan in multiple ways by August. Those defaults included failing to make its July principal payment of $24,781 and interest payment of $52,665.
Felton owes $16.9 million on the loan, per the lawsuit. The firm’s CEO did not respond to a request for comment.
Lenders often request the appointment of a receiver after a property owner defaults. Duran is also serving as receiver for the Wells Fargo Center office tower in downtown Denver.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner filed the lawsuit on behalf of Wilmington Trust.
Read more (newly updated): Troubled towers: Breaking down Denver’s distressed office properties
The Meridian One office building at 9785 Maroon Circle in Douglas County. (Google Street View)
The owner of an office building in unincorporated Douglas County defaulted on its loan over the summer, bringing distressed office to far reaches of the southern suburbs.
Portland-based Felton Properties, which owns the Meridian One building at 9785 Maroon Circle, failed to make its July principal and interest payment of about $77,500, according to a lawsuit filed last week by the trustee for its lender.
Judy Duran of CBRE was appointed Wednesday as receiver to oversee the building at the request of the trustee, Wilmington Trust.
Felton, acting as Denver Meridian Equities LLC, paid $12.8 million for the Meridian One building in January 2014, according to county records. The building is about 140,000 square feet, according to Felton’s website. It was completed in 1984 and is located in unincorporated Douglas County just northeast of the Interstate 25/Lincoln Avenue interchange.
In December 2019, Societe Generale issued a $16.4 million loan secured by the property.
According to Wilmington Trust’s lawsuit, Felton had defaulted on the terms of the loan in multiple ways by August. Those defaults included failing to make its July principal payment of $24,781 and interest payment of $52,665.
Felton owes $16.9 million on the loan, per the lawsuit. The firm’s CEO did not respond to a request for comment.
Lenders often request the appointment of a receiver after a property owner defaults. Duran is also serving as receiver for the Wells Fargo Center office tower in downtown Denver.
Attorney Craig Schuenemann of Bryan Cave Leighton Paisner filed the lawsuit on behalf of Wilmington Trust.
Read more (newly updated): Troubled towers: Breaking down Denver’s distressed office properties
