The office building at 6300 S. Syracuse Way in Centennial. (Google Street View)
The lender that financed a Florida firm’s $63 million acquisition of a Denver Tech Center office building seven years ago now owns the structure.
An affiliate of New York-based Voya Financial took ownership of the Cascades office building at 6300 S. Syracuse Way in Centennial last Wednesday through a foreclosure auction, according to public records.
Voya, which filed to foreclose on the property in April, submitted a credit bid of $29.4 million, records show. William Meyer, an attorney with Polsinelli representing the firm, did not respond to a request for comment.
Credit bids submitted by lenders in a foreclosure auction are common, and effectively serve as a minimum bid. If no one wins the auction, the amount bid by the lender is subtracted from what the borrower owes when the lender takes ownership.
Florida-based America’s Capital Partners previously owned the Cascades building, buying it in February 2017. The firm financed the purchase with two loans totaling $44 million from Oconee Real Estate Holdings, the Voya affiliate.
Voya filed to foreclose on the larger of the two loans, which was originally for $35.7 million, Arapahoe County records show.
Voya placed the building under receivership in March. In related court filings, the lender said that its loan agreements included a call option, which stated that Voya could order the loans be paid off by March 1 of this year. Voya informed America’s Capital Partners in July 2023 it intended to exercise the call option, but the firm failed to put up the necessary sum.
Sergio Socolsky, CEO of America’s Capital Partners, did not respond to a request for comment.
His firm still has one holding in the DTC: the 260,000-square-foot Tuscany Plaza office building just down the street at 6312 S. Fiddlers Green Circle in Greenwood Village. The firm paid $65 million for that property in 2019, records show.
Voya is familiar with local office building defaults. In September 2023, the company took ownership of the building at 7100 E. Belleview Ave. in Greenwood Village through a deed in lieu of foreclosure. Three months later, in December, the company took Greenwood Village’s Triad Office Complex through foreclosure auction.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The office building at 6300 S. Syracuse Way in Centennial. (Google Street View)
The lender that financed a Florida firm’s $63 million acquisition of a Denver Tech Center office building seven years ago now owns the structure.
An affiliate of New York-based Voya Financial took ownership of the Cascades office building at 6300 S. Syracuse Way in Centennial last Wednesday through a foreclosure auction, according to public records.
Voya, which filed to foreclose on the property in April, submitted a credit bid of $29.4 million, records show. William Meyer, an attorney with Polsinelli representing the firm, did not respond to a request for comment.
Credit bids submitted by lenders in a foreclosure auction are common, and effectively serve as a minimum bid. If no one wins the auction, the amount bid by the lender is subtracted from what the borrower owes when the lender takes ownership.
Florida-based America’s Capital Partners previously owned the Cascades building, buying it in February 2017. The firm financed the purchase with two loans totaling $44 million from Oconee Real Estate Holdings, the Voya affiliate.
Voya filed to foreclose on the larger of the two loans, which was originally for $35.7 million, Arapahoe County records show.
Voya placed the building under receivership in March. In related court filings, the lender said that its loan agreements included a call option, which stated that Voya could order the loans be paid off by March 1 of this year. Voya informed America’s Capital Partners in July 2023 it intended to exercise the call option, but the firm failed to put up the necessary sum.
Sergio Socolsky, CEO of America’s Capital Partners, did not respond to a request for comment.
His firm still has one holding in the DTC: the 260,000-square-foot Tuscany Plaza office building just down the street at 6312 S. Fiddlers Green Circle in Greenwood Village. The firm paid $65 million for that property in 2019, records show.
Voya is familiar with local office building defaults. In September 2023, the company took ownership of the building at 7100 E. Belleview Ave. in Greenwood Village through a deed in lieu of foreclosure. Three months later, in December, the company took Greenwood Village’s Triad Office Complex through foreclosure auction.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
