The Cascades office building is located at 6300 S. Syracuse Way in Centennial. (Google Maps)
A lender has filed to foreclose on the Cascades office building in Centennial after saying in March it intended to do so.
An affiliate of New York-based Voya Financial submitted the foreclosure paperwork regarding the office building at 6300 S. Syracuse Way in mid-April, according to Arapahoe County records.
An auction is scheduled for Aug. 21, although foreclosure auction dates are regularly pushed back and an alternative resolution may be reached.
The seven-story, 350,000-square-foot building is owned by Florida-based America’s Capital Partners, which paid $63 million for it in February 2017, records show. The firm financed the purchase with two loans totaling $44 million from the Voya affiliate.
Last month, Voya successfully requested a receiver be appointed to oversee the property.
According to the lawsuit, the loan agreements Voya made with America’s Capital Partners included a call option, which stated that the lender could order the loans be paid off by March 1 of this year.
Last July, Voya informed America’s Capital Partners that it was exercising the call option, according to the lender. But Voya failed to pay off the loans by the time March arrived.
America’s Capital Partners also defaulted last year when it failed to make repairs to the property’s parking garage, according to the lender.
The lender believes its loans are “undersecured,” meaning the property is worth less than the remaining balance, which isn’t specified in the lawsuit.
Voya filed to foreclose on the larger of the two loans, Arapahoe County records show. That loan was originally for $35.72 million. America’s Capital still owes $33.17 million on the note, per the foreclosure filing.
The CEO of America’s Capital Partners did not respond to a request for comment. In addition to Cascades, the company also owns 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 $64.85 million for that property in 2019.
A mile away, the Solarium office building in Greenwood Village is also in foreclosure.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The Cascades office building is located at 6300 S. Syracuse Way in Centennial. (Google Maps)
A lender has filed to foreclose on the Cascades office building in Centennial after saying in March it intended to do so.
An affiliate of New York-based Voya Financial submitted the foreclosure paperwork regarding the office building at 6300 S. Syracuse Way in mid-April, according to Arapahoe County records.
An auction is scheduled for Aug. 21, although foreclosure auction dates are regularly pushed back and an alternative resolution may be reached.
The seven-story, 350,000-square-foot building is owned by Florida-based America’s Capital Partners, which paid $63 million for it in February 2017, records show. The firm financed the purchase with two loans totaling $44 million from the Voya affiliate.
Last month, Voya successfully requested a receiver be appointed to oversee the property.
According to the lawsuit, the loan agreements Voya made with America’s Capital Partners included a call option, which stated that the lender could order the loans be paid off by March 1 of this year.
Last July, Voya informed America’s Capital Partners that it was exercising the call option, according to the lender. But Voya failed to pay off the loans by the time March arrived.
America’s Capital Partners also defaulted last year when it failed to make repairs to the property’s parking garage, according to the lender.
The lender believes its loans are “undersecured,” meaning the property is worth less than the remaining balance, which isn’t specified in the lawsuit.
Voya filed to foreclose on the larger of the two loans, Arapahoe County records show. That loan was originally for $35.72 million. America’s Capital still owes $33.17 million on the note, per the foreclosure filing.
The CEO of America’s Capital Partners did not respond to a request for comment. In addition to Cascades, the company also owns 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 $64.85 million for that property in 2019.
A mile away, the Solarium office building in Greenwood Village is also in foreclosure.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
