The building at 1495 Canyon Blvd. in Boulder. (Google Maps)
A lender that sued earlier this year over a loan default for a Boulder coworking building now wants a receiver appointed to oversee it.
Greenwood Village-based Bellco Credit Union made the request regarding the building at 1495 Canyon Blvd. on June 6, according to court records.
A judge had yet to rule on the request as of Monday morning, but Bellco said in its filing that the building’s owner doesn’t oppose the appointment. Bellco wants Denver-based Cordes & Co. to be the receiver.
The three-story 1495 Canyon building is about 22,500 square feet, according to LoopNet. Expansive, a Chicago-based coworking firm that bought it in 2018 for $6.5 million, owns it, records show.
In October 2019, Expansive took out a $7.5 million loan from Bellco secured by the property. In a lawsuit filed in January in Boulder County District Court, Bellco said that Expansive defaulted on that loan in multiple ways, including by failing to make payments on time and failing to maintain specified debt service coverage ratios. The credit union said the amount of principal owed by Expansive had increased to $8.46 million as of the filing date.
In court, Expansive has acknowledged defaulting on the loan, and suggested it would like to give the building back to the lender rather than go through the formal foreclosure process.
“Plaintiff, to the extent it fails to accept a deed in lieu, breaches the covenant of good faith and fair dealing as to the Defendants,” Expansive said in a March 19 filing.
An Expansive executive didn’t respond to a request for comment. Bellco declined to comment.
Bellco is represented by Kutak Rock attorneys Jeremy Peck and Kathleen Guilfoyle. Expansive is represented by attorney William Brittan of Denver’s Campbell Killin Brittan & Ray.
Expansive has previously described its footprint as 3.8 million square feet of space across 34 cities. The company formerly known as Novel Working is unusual among major coworking firms in that it generally owns its real estate.
Locally, in addition to 1495 Canyon Blvd., the company also owns 1801 Broadway and 1630 Welton St. in downtown Denver, and 8400 E. Crescent Parkway in Greenwood Village.
Expansive no longer lists 1801 Broadway as a location on its website, however. Its lender there filed to foreclose on the building in January. Expansive’s chief financial officer told BusinessDen at the time that the company expected to give the building back to the lender, but that has yet to occur.
Expansive has also run into trouble with buildings in Houston, Chicago and Washington, D.C., according to media reports.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
The building at 1495 Canyon Blvd. in Boulder. (Google Maps)
A lender that sued earlier this year over a loan default for a Boulder coworking building now wants a receiver appointed to oversee it.
Greenwood Village-based Bellco Credit Union made the request regarding the building at 1495 Canyon Blvd. on June 6, according to court records.
A judge had yet to rule on the request as of Monday morning, but Bellco said in its filing that the building’s owner doesn’t oppose the appointment. Bellco wants Denver-based Cordes & Co. to be the receiver.
The three-story 1495 Canyon building is about 22,500 square feet, according to LoopNet. Expansive, a Chicago-based coworking firm that bought it in 2018 for $6.5 million, owns it, records show.
In October 2019, Expansive took out a $7.5 million loan from Bellco secured by the property. In a lawsuit filed in January in Boulder County District Court, Bellco said that Expansive defaulted on that loan in multiple ways, including by failing to make payments on time and failing to maintain specified debt service coverage ratios. The credit union said the amount of principal owed by Expansive had increased to $8.46 million as of the filing date.
In court, Expansive has acknowledged defaulting on the loan, and suggested it would like to give the building back to the lender rather than go through the formal foreclosure process.
“Plaintiff, to the extent it fails to accept a deed in lieu, breaches the covenant of good faith and fair dealing as to the Defendants,” Expansive said in a March 19 filing.
An Expansive executive didn’t respond to a request for comment. Bellco declined to comment.
Bellco is represented by Kutak Rock attorneys Jeremy Peck and Kathleen Guilfoyle. Expansive is represented by attorney William Brittan of Denver’s Campbell Killin Brittan & Ray.
Expansive has previously described its footprint as 3.8 million square feet of space across 34 cities. The company formerly known as Novel Working is unusual among major coworking firms in that it generally owns its real estate.
Locally, in addition to 1495 Canyon Blvd., the company also owns 1801 Broadway and 1630 Welton St. in downtown Denver, and 8400 E. Crescent Parkway in Greenwood Village.
Expansive no longer lists 1801 Broadway as a location on its website, however. Its lender there filed to foreclose on the building in January. Expansive’s chief financial officer told BusinessDen at the time that the company expected to give the building back to the lender, but that has yet to occur.
Expansive has also run into trouble with buildings in Houston, Chicago and Washington, D.C., according to media reports.
Read more: Troubled towers: Breaking down Denver’s distressed office properties
