Lender forecloses on newly renovated industrial building in Denver
A lender has taken ownership of a newly renovated industrial building in Denver’s Central Park neighborhood. Bridge Investment Group acquired the 140,000-square-foot building at 8000 E. 40th Ave. and a parking lot across the street through a foreclosure auction on Thursday.
The property was previously owned by Oregon-based developer ScanlanKemperBard Cos., who purchased it in March 2022 and secured a loan from Bridge for up to $23.75 million at the same time. When Bridge initiated the foreclosure process this spring, SKB owed $18 million in principal.
SKB President Todd Gooding attributed the situation to renovation delays caused by Denver’s permitting process, which he described as the worst in the western U.S. Originally planning to spend a year on renovations, the project took twice as long, causing them to miss their leasing window and resulting in a lack of income to make loan payments to Bridge.
SKB also owns York Street Yards in the Clayton neighborhood, a collection of former warehouses attracting retail tenants such as Rivian, a dog park bar, and Rad Power Bikes.
Bridge, who did not respond to requests for comment, is also a co-owner of the Denver West Business Park in Lakewood, which is currently in receivership.
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