The property is currently home to the jazz club The Orchid Denver. (Maia Luem/BusinessDen)
A lender is suing a LoDo building owner of a jazz club for nonpayment barely six months after buying the property.
On Wednesday afternoon, a judge appointed a receiver to oversee 1448 Market St. after the property owner defaulted on a $3 million loan from Oklahoma-based BOK Financial.
327 Property Management LLC, an entity associated with the D.C. businessman Yimaj “Steve” Kalifa, bought the 9,800-square-foot building near Larimer Square for $4.18 million on Aug. 31, according to public records. He financed the deal with the BOK loan.
BOK claims in its lawsuit that Kalifa failed to make payments, including after a notice was sent on Jan. 16. A month after that notice, BOK increased the loan balance by $94,260 to account for damages before requesting the receiver in a lawsuit last week.
Lenders often request the appointment of a receiver after a property owner defaults. BOK Financial is requesting Christopher Harff, principal of Highline Financial Group, be appointed receiver to manage the property and prepare it for sale.
According to its website, Highline Financial Group specializes in receivership services, listing roughly 10 properties it has managed under receivership, in addition to acquiring foreclosed and underperforming real estate.
A representative of Kalifa told BusinessDen he’s working to resolve the issue.
The property is currently home to the jazz club The Orchid Denver, which opened in April. Kalifa also owns the business, which is not a party in the suit and remains open.
Attorney Peter Q. Murphy of Markus Williams Young & Hunsicker filed the lawsuit on behalf of BOK Financial.
The property is currently home to the jazz club The Orchid Denver. (Maia Luem/BusinessDen)
A lender is suing a LoDo building owner of a jazz club for nonpayment barely six months after buying the property.
On Wednesday afternoon, a judge appointed a receiver to oversee 1448 Market St. after the property owner defaulted on a $3 million loan from Oklahoma-based BOK Financial.
327 Property Management LLC, an entity associated with the D.C. businessman Yimaj “Steve” Kalifa, bought the 9,800-square-foot building near Larimer Square for $4.18 million on Aug. 31, according to public records. He financed the deal with the BOK loan.
BOK claims in its lawsuit that Kalifa failed to make payments, including after a notice was sent on Jan. 16. A month after that notice, BOK increased the loan balance by $94,260 to account for damages before requesting the receiver in a lawsuit last week.
Lenders often request the appointment of a receiver after a property owner defaults. BOK Financial is requesting Christopher Harff, principal of Highline Financial Group, be appointed receiver to manage the property and prepare it for sale.
According to its website, Highline Financial Group specializes in receivership services, listing roughly 10 properties it has managed under receivership, in addition to acquiring foreclosed and underperforming real estate.
A representative of Kalifa told BusinessDen he’s working to resolve the issue.
The property is currently home to the jazz club The Orchid Denver, which opened in April. Kalifa also owns the business, which is not a party in the suit and remains open.
Attorney Peter Q. Murphy of Markus Williams Young & Hunsicker filed the lawsuit on behalf of BOK Financial.
