The owner of the Solarium office building at 7400 E. Orchard Road in Greenwood Village defaulted on its loan last December. (Google Maps)
The loan backed by an office building in the Denver Tech Center that entered foreclosure in March has sold.
New York-based Ready Capital sold the loan backed by the 170,000-square-foot Solarium building at 7400 E. Orchard Road in Greenwood Village to an entity about LBC3 Trust.
The loan was transferred on Aug. 23, according to Arapahoe County records. The documents do not indicate the price that LBC3 Trust paid.
More information about the buyer was not immediately available. David Walker, an attorney with Greenwood Village’s Brown Dunning Walker Fein Drusch, is representing LBC3 Trust. He declined to comment.
The four-story building 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, CapRidge took out a $20.39 million loan on the property from KeyBank, which was later assigned to Ready Capital. CapRidge defaulted on the loan when it failed to pay off the loan upon maturity in December 2023.
CapRidge owed $20.07 million on the loan, according to the foreclosure paperwork filed in March. The building has been overseen by a receiver since January.
As the new owner of the loan, LBC3 Trust can opt to foreclose on the property itself or reach a deal with the current ownership to take the building in lieu of foreclosure.
Ready Capital and a local attorney representing the firm did not respond to requests for comment last week. CapRidge also did not respond to a request for comment.
This is the second major office loan in the Denver area to sell this year. The first was for 410 17th St. in downtown Denver. California-based Cress Capital purchased the loan in February and took ownership of the building via a deed-in-lieu-of-foreclosure at the end of April.
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 defaulted on its loan last December. (Google Maps)
The loan backed by an office building in the Denver Tech Center that entered foreclosure in March has sold.
New York-based Ready Capital sold the loan backed by the 170,000-square-foot Solarium building at 7400 E. Orchard Road in Greenwood Village to an entity about LBC3 Trust.
The loan was transferred on Aug. 23, according to Arapahoe County records. The documents do not indicate the price that LBC3 Trust paid.
More information about the buyer was not immediately available. David Walker, an attorney with Greenwood Village’s Brown Dunning Walker Fein Drusch, is representing LBC3 Trust. He declined to comment.
The four-story building 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, CapRidge took out a $20.39 million loan on the property from KeyBank, which was later assigned to Ready Capital. CapRidge defaulted on the loan when it failed to pay off the loan upon maturity in December 2023.
CapRidge owed $20.07 million on the loan, according to the foreclosure paperwork filed in March. The building has been overseen by a receiver since January.
As the new owner of the loan, LBC3 Trust can opt to foreclose on the property itself or reach a deal with the current ownership to take the building in lieu of foreclosure.
Ready Capital and a local attorney representing the firm did not respond to requests for comment last week. CapRidge also did not respond to a request for comment.
This is the second major office loan in the Denver area to sell this year. The first was for 410 17th St. in downtown Denver. California-based Cress Capital purchased the loan in February and took ownership of the building via a deed-in-lieu-of-foreclosure at the end of April.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
