Interlocken buildings face foreclosure

BROOMFIELD – Foreclosure proceedings have begun on four office/flex buildings totaling 239,321 square feet at the Interlocken Advanced Technology Environment business park in Broomfield.

On Aug. 18, lender Capmark Finance Inc. filed foreclosure documents on 100 Technology Drive, 295 Interlocken Blvd., 325 Interlocken Parkway and 350 Interlocken Blvd., which are owned by Equastone Interlocken LLC, a subsidiary of California-based Equastone Real Estate Investment Advisors.

Equastone purchased the buildings for $21.9 million in early 2007. Public records show that the San Diego-based real estate investor later modified its original loan on the buildings to $43.4 million and owed $35.9 million as of Aug. 18.

Equastone attempted but was unable to sell 100 Technology Drive and 325 Interlocken Parkway – totaling 132,868 square feet – with an asking price of $17 million in May 2008.

In its foreclosure filing, Pennsylvania-based Capmark said Equastone was in violation of the covenants of the loan deed of trust – likely meaning it was not making full payments. Neither Equastone nor Capmark could be reached for comment.

This isn’t the first real estate trouble for Equastone, which bought numerous properties around the nation during 2006 and 2007.

In April, Capmark foreclosed on a $51.9 million loan that Equastone used to purchase an office tower in downtown Atlanta. In June, Capmark wrote off the building at a 43 percent loss of the original loan – selling it to the company it formed to acquire the building, The Wall Street Journal reported.

Equastone owns numerous other properties in Colorado, including 336,700 square feet of office space at 11800 and 11802 Ridge Parkway, known as The Views, in Broomfield. These were not part of any recent foreclosure filings.

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