The Leetonia, top left; The Clarkson Apartments, top right; The Dalton, bottom left, and The El Cortez, bottom right. (Courtesy of Classic Properties of Denver)
Four central Denver apartment buildings are under the control of a court-appointed caretaker, and another in Aurora may soon be as well, after a lender wasn’t repaid nearly $50 million in loans.
Berkshire Residential Investments in Boston asked two judges in Arapahoe County to let one receiver take over the buildings as it seeks repayment of a $25.5 million loan and a $23.1 million loan that both came due early this year.
Judge Thomas Henderson IV approved one request Friday, while the other before Judge Benjamin Figa is still pending.
“The properties are in immediate danger of being materially injured or reduced in value,” attorneys for Berkshire have warned as they urge the judges to move quickly.
Urban American, a New York-based real estate investment firm, owns the four Denver buildings in question. It borrowed $23.1 million from Berkshire in December 2020, around the time it was buying the four for $30 million, and hasn’t repaid that money, Berkshire said.
All four are brick buildings in central Denver that were built between 1926 and 1930. They are marketed as The Clarkson at 950 N. Clarkson St., The Leetonia at 1515 Vine St., The Dalton at 1235 E. 12th Ave. and, a few blocks away, El Cortez at 608 E. 12th Ave.
Urban American did not respond to requests for comments on Berkshire’s lawsuit.
The landlord attracted headlines this summer for its management of an unrelated property, The Lincoln at Speer Boulevard in Lincoln Park, after the 10-story apartment building had elevator and air conditioning outages during 100-degree days, according to media reports.
In Aurora, Berkshire wants a receiver for the Highline Lofts at 456 S. Ironton St. That 112-unit building is owned by Summit Communities, which borrowed $25.5 million from Berkshire in March 2022, when it acquired the lofts for $29.1 million.
Summit Communities, of Aurora, also did not answer requests for comment.
In its two separate lawsuits, Berkshire asked Jeremiah Foster of Resolute Commercial Services in Arizona be appointed to collect rents, make repairs and otherwise run the five buildings in exchange for $395 per hour.
Berkshire’s lawyers are Steven Jerome and Kevin Walton in the Denver office of Snell & Wilmer. A Berkshire spokeswoman did not answer questions about the receivership requests.
The Leetonia, top left; The Clarkson Apartments, top right; The Dalton, bottom left, and The El Cortez, bottom right. (Courtesy of Classic Properties of Denver)
Four central Denver apartment buildings are under the control of a court-appointed caretaker, and another in Aurora may soon be as well, after a lender wasn’t repaid nearly $50 million in loans.
Berkshire Residential Investments in Boston asked two judges in Arapahoe County to let one receiver take over the buildings as it seeks repayment of a $25.5 million loan and a $23.1 million loan that both came due early this year.
Judge Thomas Henderson IV approved one request Friday, while the other before Judge Benjamin Figa is still pending.
“The properties are in immediate danger of being materially injured or reduced in value,” attorneys for Berkshire have warned as they urge the judges to move quickly.
Urban American, a New York-based real estate investment firm, owns the four Denver buildings in question. It borrowed $23.1 million from Berkshire in December 2020, around the time it was buying the four for $30 million, and hasn’t repaid that money, Berkshire said.
All four are brick buildings in central Denver that were built between 1926 and 1930. They are marketed as The Clarkson at 950 N. Clarkson St., The Leetonia at 1515 Vine St., The Dalton at 1235 E. 12th Ave. and, a few blocks away, El Cortez at 608 E. 12th Ave.
Urban American did not respond to requests for comments on Berkshire’s lawsuit.
The landlord attracted headlines this summer for its management of an unrelated property, The Lincoln at Speer Boulevard in Lincoln Park, after the 10-story apartment building had elevator and air conditioning outages during 100-degree days, according to media reports.
In Aurora, Berkshire wants a receiver for the Highline Lofts at 456 S. Ironton St. That 112-unit building is owned by Summit Communities, which borrowed $25.5 million from Berkshire in March 2022, when it acquired the lofts for $29.1 million.
Summit Communities, of Aurora, also did not answer requests for comment.
In its two separate lawsuits, Berkshire asked Jeremiah Foster of Resolute Commercial Services in Arizona be appointed to collect rents, make repairs and otherwise run the five buildings in exchange for $395 per hour.
Berkshire’s lawyers are Steven Jerome and Kevin Walton in the Denver office of Snell & Wilmer. A Berkshire spokeswoman did not answer questions about the receivership requests.
