The owner of the Solarium office building at 7400 E. Orchard Road in Greenwood Village has defaulted on its loan, according to the lender. (Google Street View)
A third office property in Greenwood Village in less than a year has entered receivership, with foreclosure “simply a matter of time,” according to its lender.
The four-story, approximately 170,000-square-foot Solarium building at 7400 E. Orchard Road is owned by CPVF II Solarium LLC, an affiliate of Austin-based CapRidge Partners. The firm paid $23.4 million for the property in November 2014, according to public records.
In December 2020, according to a lawsuit filed last week, CapRidge took out a $20.39 million loan against the property from KeyBank. The loan was later assigned to New York-based Ready Capital.
Ready Capital, which filed the lawsuit in Arapahoe County on Thursday, said the loan matured on Dec. 10 of last year, meaning CapRidge was required to pay it off in full by that date. The company failed to do so, according to Ready Capital.
But CapRidge had already defaulted on the loan prior to that, according to the lender. Ready Capital said it told CapRidge in September that the firm had failed to meet net worth and liquidity requirements outlined in the loan agreement and that CapRidge had amended a rate cap agreement without consent, among other things.
Ready Capital requested Chris Neilson of Trigild IVL be appointed as receiver to oversee the property, and said the firm intends to foreclose.
“Lender is currently undersecured by the Property and owed more than $20 million by Borrower,” said the company, which is represented by William Meyer of Polsinelli.
Judge Ben Leutwyler appointed Trigild, who also serves as receiver for the Industry Denver building in RiNo, as receiver for Solarium on Friday.
CapRidge didn’t respond to a request for comment on Friday. Locally, the firm also owns multiple office buildings in Westminster and the Creekside Business Park in Longmont, according to its website.
Greenwood Village’s Triad Office Complex and the building at 7100 E. Belleview Ave. also entered receivership in the past year. The former sold at auction to its lender last month, while the owner of the latter gave back the keys in September.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The owner of the Solarium office building at 7400 E. Orchard Road in Greenwood Village has defaulted on its loan, according to the lender. (Google Street View)
A third office property in Greenwood Village in less than a year has entered receivership, with foreclosure “simply a matter of time,” according to its lender.
The four-story, approximately 170,000-square-foot Solarium building at 7400 E. Orchard Road is owned by CPVF II Solarium LLC, an affiliate of Austin-based CapRidge Partners. The firm paid $23.4 million for the property in November 2014, according to public records.
In December 2020, according to a lawsuit filed last week, CapRidge took out a $20.39 million loan against the property from KeyBank. The loan was later assigned to New York-based Ready Capital.
Ready Capital, which filed the lawsuit in Arapahoe County on Thursday, said the loan matured on Dec. 10 of last year, meaning CapRidge was required to pay it off in full by that date. The company failed to do so, according to Ready Capital.
But CapRidge had already defaulted on the loan prior to that, according to the lender. Ready Capital said it told CapRidge in September that the firm had failed to meet net worth and liquidity requirements outlined in the loan agreement and that CapRidge had amended a rate cap agreement without consent, among other things.
Ready Capital requested Chris Neilson of Trigild IVL be appointed as receiver to oversee the property, and said the firm intends to foreclose.
“Lender is currently undersecured by the Property and owed more than $20 million by Borrower,” said the company, which is represented by William Meyer of Polsinelli.
Judge Ben Leutwyler appointed Trigild, who also serves as receiver for the Industry Denver building in RiNo, as receiver for Solarium on Friday.
CapRidge didn’t respond to a request for comment on Friday. Locally, the firm also owns multiple office buildings in Westminster and the Creekside Business Park in Longmont, according to its website.
Greenwood Village’s Triad Office Complex and the building at 7100 E. Belleview Ave. also entered receivership in the past year. The former sold at auction to its lender last month, while the owner of the latter gave back the keys in September.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
