A well-known, 22-story red office building in the Uptown district of downtown Denver has been taken over by its lender to avoid foreclosure.
According to a report from the Denver Business Journal, Rising Realty Partners handed over ownership of their Civic Center Plaza building at 1560 Broadway through a special warranty deed instead of going through with foreclosure. The company had purchased the building for nearly $125 million in 2019 but it is now under new ownership by Heitman Capital.
Records show that when Rising Realty bought the property, they agreed to take out a loan from Heitman for up to $110.6 million. This was accompanied by an additional commitment of up to $9.6 million for expenses such as tenant improvements and leasing commissions.
The tower is situated at the corner of Broadway and 16th Street, just one block away from Civic Center Park and Colorado’s state Capitol building. It was originally built in 1982 and has become an iconic landmark in downtown Denver.
