The owner of a well-known red office building in the Uptown district of downtown Denver has handed over ownership to its lender in order to avoid foreclosure.
According to the Denver Business Journal, Rising Realty Partners gave up control of their 22-story Civic Center Plaza building at 1560 Broadway by signing a special warranty deed instead of going through with foreclosure proceedings. The company had originally purchased the property for nearly $125 million back in 2019, but it is now under new ownership after Heitman Capital acquired it.
Records show that when Rising Realty bought the building, they agreed to take out a loan from Heitman for up to $110.6 million. In addition, there was also an agreement for “forward funding” worth up to $9.6 million which would cover expenses such as tenant improvements and leasing commissions.
Located at the corner of Broadway and 16th Street near Civic Center Park and Colorado’s state Capitol building, this tower was built back in 1982.
Overall, this recent change in ownership marks an important development within Denver’s real estate market.
