Phoenix & Southwest CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Denver Adds Two High-rises to Foreclosure List
In June, one of Denver’s most iconic towers was in danger of being foreclosed on. But at the last minute, Brookfield Properties came up with the money to keep the Republic Plaza up to date on its loan payments. The Denver Business Journal report two other Denver office building owners were not so fortunate. Both buildings were bought just before the Covid pandemic.
One of those buildings is The 410 at 410 17th St. The owner is affiliated with Rialto Capital Management, who bought the building in 2019 for $127 million. Public documents indicate, ownership has not met the terms of the building’s loan.
A similar situation is playing out at a neighboring office building at 1801 Broadway. Chicago-based Novel Coworking paid $40.1 million for the building in 2019. The lender intends to initiate foreclosure proceedings. A property receiver has taken possession of the property to oversee operation and management.
Last year, the Denver Energy Center, located at 1675 and 1625 Broadway, sold at a foreclosure auction following a 45% decrease in value.
- ◦Financing
