Mack Real Estate Group v. X Denver Ownership (X Denver Apartments Receivership Suit)
New York-based Mack Real Estate Group asked a Colorado state court on September 4 to appoint an emergency, ex parte receiver over X Denver, a 450-unit apartment complex at 3100 Inca Street developed by Chicago-based The X Co., alleging the $170M construction loan it made against the property has been in default since the note matured in January 2025. The current record ownership of the property is unclear from public filings, a common feature of assets that have passed through workout or special-servicing arrangements since a loan's original closing.
Why it matters
Adds X Denver to a small but growing list of formerly marquee Denver multifamily and office assets facing lender-driven receivership actions, alongside a similar recent filing against Denver's Republic Plaza office tower, illustrating a pattern of lenders bypassing extended forbearance in favor of immediate receivership once a maturity default goes unresolved for months. Borrowers with matured, unresolved CRE debt should treat lender silence after default as a warning sign rather than a sign of forthcoming leniency.
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