Real Estate
Home›Real Estate›Residential›Lender seeks receiver for 455-unit X Denver after $170…
Lender seeks receiver for 455-unit X Denver after $170M loan default
X Denver, near Coors Field, was built in 2021 and the $170M loan matured three years after it was secured.
Bisnow reports that the developers of X Denver, a 455-unit apartment building near Coors Field in Denver, defaulted on a $170M loan tied to the property. The lender is now asking a court to appoint a receiver to manage the asset.
According to the Denver Business Journal, The X Co., the Chicago-based developer, secured the $170M loan from an LLC tied to Mack Real Estate Group in January 2022, and the loan matured three years later. The lender alleges the developer did not pay the outstanding principal balance, interest, and other amounts due under the loan documents.
MREG is requesting that Trigild IVL LLC be appointed as the receiver for X Denver. Trigild is a national commercial real estate asset management firm that specializes in court-appointed receiverships, turnaround services, and bankruptcy.
Bisnow adds that Denver apartment leasing conditions have been pressured by a surge in new units, with vacancy rates rising and concessions increasing. It also notes that Trigild recently was appointed receiver of Republic Plaza, after the owner defaulted on a $280M loan.