The owner of a recognizable, 22-story red office building in the Uptown district of downtown Denver has relinquished the property to its lender to avoid foreclosure.
The Denver Business Journal reports that Rising Realty Partners surrendered its Civic Center Plaza building at 1560 Broadway by signing a special warranty deed in lieu of foreclosure. The company spent almost $125 million buying the 22-story building in 2019. Heitman Capital acquired the property.
A deed of trust dating back to that purchase shows Heitman agreed to loan Rising Realty up to $110.6 million. Records show that was paired with “a forward funding commitment” of up to $9.6 million for items like tenant improvements, leasing commissions and capital expenditures.
Located at the intersection of Broadway and 16th Street, the building sits a block from Civic Center Park and the state Capitol building. Civic Center Plaza was constructed in 1982,
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