BY FREDA MIKLIN
On January 11, Ready Capital Mortgage Financing 2021-FL5, LLC (Ready Capital) filed suit in Arapahoe County District Court against CPVF II Solarium LLC (Solarium), owner of the building and improvements, including personal property, at 7400 E. Orchard Road in Greenwood Village, just north of Greenwood Village City Hall.
According to the lawsuit, Solarium borrowed $20,385,000 from Key Bank on December 7, 2020 and executed a deed of trust, assignment of leases and rents, security agreement and fixture filing, which was recorded in Arapahoe County. That loan is currently held by Ready Capital, which believes it is undersecured due to Solarium not meeting the terms of its agreement for net worth and liquidity, as well as keeping current on its trade payables.
Ready Capital claims it is “owed more than $20 million” by Solarium and has asked the court to appoint a receiver for the property. It also informed the court in its filing that it, “intends to proceed with nonjudicial foreclosure of the Deed of Trust by filing the appropriate documents with the Arapahoe County Public Trustee.”
William R. Meyer of Polsinelli PC represents Ready Capital.