Computershare Trust Co. v. Showboat Properties LLC (CMBS Foreclosure on Atlantic City's Showboat)
Computershare Trust Co., as trustee for CMBS investors, filed a foreclosure complaint on June 30, 2026 against Showboat Properties LLC and entities tied to developer Bart Blatstein, alleging no payments have been made on a $48.4 million loan secured by part of Atlantic City's Showboat hotel complex in over a year. The complaint targets at least 475 guest rooms, the property's arcade, and its parking garage, and seeks a court-ordered sale of the collateral.
Why it matters
Illustrates how CMBS trust structures leave borrowers with far less workout flexibility than a balance-sheet lender once a monetary default occurs, and shows how unresolved contractor and mechanic's lien disputes tied to renovation work can compound a hospitality owner's distress alongside a loan default. Special servicers and receivers stepping into similar assets should expect to resolve ancillary contractor claims as part of, not separate from, the disposition process.
Read the full write-up and case timeline
The complete analysis of this matter, with its procedural history and practical takeaways.
Open the full matterGet an email when a matter like this is filed
Set up a free watchlist for lending & foreclosure matters in New Jersey, or for the tenants, borrowers and guarantors in your portfolio.
Create a watchlistMore lending & foreclosure matters
Other matters in New Jersey
CREdocket summarizes public court records and reporting; see our sourcing standards and corrections log. Not legal advice. Facing something similar? Contact us.