The owners of a Denver office building, once the home of the startup Fluid Truck, have filed a counterclaim against their lender following the lender’s decision to place the building into receivership last month.
Developer Ryan Arnold and broker Ken Gooden, both members of the 48th Office Investment LLC, allege that Independent Bank has adopted a ‘hyperaggressive’ and potentially hostile stance towards them.
In their countersuit, Arnold and Gooden assert that the lender’s actions compelled them to settle a lawsuit against Fluid Truck prematurely, despite the litigation being in the lender’s financial interest as well.
The situation stems from the acquisition of the Globe4Hundred office building at 400 W. 48th Ave., which Arnold and Gooden purchased for $11.2 million in June 2021, with assistance from a $9.75 million loan from Independent Bank.
Upon purchasing the building, they also secured an additional $455,000 loan from the bank the following year.
Fluid Truck, which became the primary tenant shortly before the purchase, faced significant challenges by 2023.
After months of nonpayment, ownership sued Fluid for $800,000 in overdue rent and fees, claiming that the startup misled them into leasing excessive space.
Fluid’s founder, James Eberhard, in response, filed a lawsuit in April 2024 against Arnold and Gooden, accusing them of pressuring Fluid to rent more space and failing to disclose that a nearby hotel would house the homeless.
On May 2, 2023, the counterclaim notes that Independent Bank informed Arnold and Gooden that their lawsuit against Fluid constituted a default on their loan, granting them 15 days to resolve the litigation.
The counterclaim argues, ‘Lender declared the default despite the fact Borrower was current on its debt service payments to Lender and despite the fact the litigation against Fluid was commenced to compel Fluid to make its rent payments – which inured to the benefit of Lender.’
Despite Fluid’s failure to pay rent, Arnold and Gooden assert that the building maintained a positive cash flow, taking in more revenue than it spent.
A rapid settlement was reached on May 6, when Fluid agreed to pay $732,000 in back rent, extending its lease for part of the space.
However, just ten days later, Independent Bank froze $225,000 of the building’s funds and indicated it would capture a $175,000 payment from Fluid, leading Arnold and Gooden to describe these actions as hyperaggressive and unjustified.
Their counterclaim states, ‘Lender’s extreme and extraordinary conduct was undertaken in bad faith.’
In mid-October, Fluid Truck filed for Chapter 11 bankruptcy.
As part of this process, the company’s lease for the office space at 400 W. 48th Ave. was terminated.
By December, Fluid, which had secured at least $80 million from investors over its lifetime, was sold to a firm in Utah for approximately $10 million.
The legal battle escalated further when, on December 20, Independent Bank placed a freeze on all accounts linked to the ownership.
This move resulted in operational chaos for the building, as checks to vendors bounced, and several threatened to cease their services.
Arnold and Gooden claim that the bank refused to accept loan payments, despite available funds, exacerbating the situation.
The counterclaim also highlights that the bank did not provide prior written notice of the frozen accounts or an opportunity for the owners to address the alleged defaults.
Arnold and Gooden assert, ‘Prior to freezing the accounts, Lender did not provide Borrower with written notice and an opportunity to cure an alleged default.’
They contend that the loans were not in default when the bank took these actions.
In January 2024, the bank instructed the ownership group to deposit nearly $700,000 into a lender-controlled reserve account, which was officially intended for leasing commissions and tenant improvements for a replacement tenant for Fluid’s space.
However, the bank acknowledged that it might reallocate those funds towards the loan instead.
Due to prior actions from the lender, Arnold and Gooden choose not to comply with this request.
The current turmoil in the real estate market is evident as more than a dozen office buildings in the Denver area face receivership.
Although public criticism of lenders by property owners is generally uncommon, Arnold and Gooden’s stance is not unprecedented in light of recent disputes involving lenders, including ongoing issues between Zeppelin Development and Wells Fargo regarding the Zeppelin Station building in RiNo.
Furthermore, Arnold and Gooden have also made claims against Eberhard, alleging that he caused Fluid to breach the May 2024 settlement agreement and misrepresented the company’s financial status.
As of now, Eberhard has not responded to requests for comments pertaining to these allegations.
Attorney David Laird from Fennemore Craig is representing Arnold, Gooden, and 48th Office Investment LLC, while Richard Beller from Fort Collins’ Ringenberg & Beller represents Independent Bank.
At this point, no legal representation has appeared on behalf of Eberhard.
image source from：https://www.denverpost.com/2025/04/24/denver-globeville-fluid-truck-startup-independent-bank-lending/
