The Flight building at 3575 Ringsby Court in Denver. (Thomas Gounley/BusinessDen)
A RiNo office building that recently scored a major win — the renewal of its biggest tenant — has had its loan transferred to special servicing.
The $27 million loan backed by the Flight building at 3575 Ringsby Court was transferred last month, according to a report from Trepp, a firm that tracks commercial real estate loans.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset. The reason for the transfer was payment default, according to Trepp.
The four-story, 138,000-square-foot Flight building was completed in 2018. It was developed by Denver-based Zeppelin Development, which still owns it, and sits within the company’s sprawling Taxi campus.
The Flight building loan, originated by JPMorgan Chase, was made in 2019 and matures in 2029, according to Trepp.
Flight was 96% occupied as of February, according to Trepp. The building’s largest tenant, BOA Technology, which makes a lacing system used in ski boots and other products, occupies 88,000 square feet — or about 65% of the building. Zeppelin and BOA announced in late 2023 that the company had renewed its lease for another decade, through 2035.
Zeppelin also has one other RiNo office building, Zeppelin Station at 3501 Wazee St., in receivership.
The Flight building at 3575 Ringsby Court in Denver. (Thomas Gounley/BusinessDen)
A RiNo office building that recently scored a major win — the renewal of its biggest tenant — has had its loan transferred to special servicing.
The $27 million loan backed by the Flight building at 3575 Ringsby Court was transferred last month, according to a report from Trepp, a firm that tracks commercial real estate loans.
Special servicers are essentially negotiators brought in when a lender gets concerned about an asset. The reason for the transfer was payment default, according to Trepp.
The four-story, 138,000-square-foot Flight building was completed in 2018. It was developed by Denver-based Zeppelin Development, which still owns it, and sits within the company’s sprawling Taxi campus.
The Flight building loan, originated by JPMorgan Chase, was made in 2019 and matures in 2029, according to Trepp.
Flight was 96% occupied as of February, according to Trepp. The building’s largest tenant, BOA Technology, which makes a lacing system used in ski boots and other products, occupies 88,000 square feet — or about 65% of the building. Zeppelin and BOA announced in late 2023 that the company had renewed its lease for another decade, through 2035.
Zeppelin also has one other RiNo office building, Zeppelin Station at 3501 Wazee St., in receivership.
