Denver office owners say lender was ‘hyperaggressive, if not hostile’

The owners of a Globeville office building, previously occupied by Fluid Truck, have taken legal action against their lender for putting the building into receivership. Developer Ryan Arnold and broker Ken Gooden, members of 48th Office Investment LLC, filed a countersuit claiming that Independent Bank displayed aggressive behavior towards them. The lender’s actions led to a quick settlement of litigation against Fluid Truck, despite the lawsuit being in the lender’s interest.

Arnold and Gooden purchased the 95,000-square-foot Globe4Hundred office building in Denver in 2021 for $11.2 million, with Fluid founder James Eberhard as a partner. The acquisition was financed with a loan from Independent Bank. Issues arose in 2023 when Fluid Truck failed to pay rent, leading to lawsuits and legal battles between the ownership group and the company.

After Independent Bank declared a loan default due to the litigation against Fluid, the ownership group settled the lawsuit, but the bank froze the building’s cash and captured payments owed by Fluid. Arnold and Gooden accused the lender of unjust and hostile conduct, leading to further financial complications for the building operation.

The situation escalated when Fluid Truck filed for bankruptcy, terminating its lease at the office building. Independent Bank placed a freeze on all ownership accounts, causing chaos in operations. Arnold and Gooden disputed the bank’s reasons for its actions and declined to deposit funds into a lender-controlled account for leasing commissions and tenant improvements.

The ongoing dispute reflects a trend of Denver office buildings facing receivership, with owners challenging lenders’ tactics. The legal battle also involves claims against Eberhard for alleged misconduct related to Fluid Truck’s failure to comply with settlement agreements. Attorneys are representing the parties involved in the case.

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