Lending & Foreclosure
Verified Update
Ruling Issued
A judge approved the sale of Hughes Center, a 68-acre Las Vegas office and retail campus, to Borden Industries on July 28, 2026, ending a receivership after a Blackstone affiliate defaulted on a $325 million CMBS loan.
Eighth Judicial District Court Judge Maria Gall approved the sale of Hughes Center, a 68-acre, 1.4-million-square-foot Las Vegas office and retail campus, to Borden Industries on July 28, 2026, closing out a roughly two-year court-ordered receivership. The receivership began after a Blackstone-affiliated ownership entity defaulted on a $325 million CMBS loan and Wells Fargo, acting as trustee for the loan's noteholders, moved to have Logic Commercial Real Estate appointed receiver.
$325M defaulted CMBS loan; sale price to Borden Industries withheld from public filings
Why it matters: Shows a full CMBS special-servicing-to-receivership-to-sale cycle for a large mixed-use office asset undermined by tenant migration to newer submarkets, and confirms that Nevada courts will seal receivership sale pricing from public dockets on a proper showing. Special servicers and receivers handling distressed office campuses with a healthier retail component should study the marketing approach here as a template for finding buyers outside the traditional office-investor pool.
Jul 28, 2026
Eighth Judicial District Court, Clark County, Nevada
Landlord–Tenant
Verified Update
Settled
Blackstone-backed landlord LivCor will pay $7 million and accept limits on algorithmic pricing and data-sharing to settle DOJ and nine-state RealPage antitrust claims; codefendants' dismissal bids failed.
U.S. District Judge William Lindsay Osteen Jr. entered final judgments resolving DOJ (May 19, 2026) and nine-state (June 26, 2026) antitrust claims that Blackstone-backed landlord LivCor, LLC used RealPage's revenue-management software and shared competitor pricing data to coordinate apartment rents. LivCor will pay $7 million split among the participating states and is barred from using non-compliant algorithmic pricing tools, sharing competitively sensitive data with rival landlords, or attending RealPage-hosted landlord meetings. In the same consolidated docket, Judge Osteen issued a 71-page memorandum opinion and order on September 30, 2026 denying motions to dismiss filed by RealPage, Camden Property Trust, Pinnacle Property Management Services, and Willow Bridge Property Company, finding the government's allegations of a hub-and-spoke pricing conspiracy plausible as to the remaining non-settling defendants.
$7M multistate settlement; LivCor controls ~3,500 apartment units in North Carolina
Why it matters: The settlement is a concrete template for how large landlord-defendants are resolving the sprawling RealPage antitrust litigation: a comparatively modest payment paired with detailed behavioral restrictions on data-sharing and algorithmic tools, rather than proceeding to trial. It also underscores that a federal antitrust settlement does not resolve separate exposure under municipal and state algorithmic-pricing bans, several of which carry independent statutory penalties.
Jun 26, 2026
U.S. District Court, Middle District of North Carolina
