Citibank, N.A. v. Golub & Company (Magnificent Mile Office Tower Foreclosure Receivership)
Citibank, N.A., as trustee for CMBS bondholders, and special servicer LNR Partners moved to foreclose on 625 North Michigan Avenue, a 28-story, roughly 290,000-square-foot office tower on Chicago's Magnificent Mile, after landlords Golub & Company and BlueFive Capital defaulted on a $50.6 million loan that matured on March 6, 2026 without repayment. A Cook County judge appointed Scott Shefman of Friedman Real Estate Management as receiver for the property on June 16, 2026.
Why it matters
Illustrates the now-familiar path from special servicing to formal default notice to court-appointed receivership for maturity-defaulted office CMBS loans in gateway downtowns, even on a trophy corridor like the Magnificent Mile. Owners of office towers with loans originated during the low-rate, aggressive-underwriting era of the late 2010s should expect special servicers to move quickly to a receivership request once a maturity default notice issues, shifting day-to-day control of leasing and operations away from the sponsor while the foreclosure proceeds.
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