Receiver Appointed for Unico Properties' First and Union Retail Center After $14.5M Default
A downtown Seattle retail condominium tied to Unico Properties LLC has been placed into court-ordered receivership after its owner defaulted on a $14.5 million loan that matured two years earlier. A King County Superior Court order on July 29, 2026 installed Chris Neilson of Trigild as custodial receiver over the 44,000-square-foot property at 1419 First Avenue, marketed as "First and Union," near Pike Place Market.
Why it matters
The filing shows how quickly a long-stalled loan default can convert into a formal loss of asset control once a lender's patience runs out, and it follows the loss of the property's longtime anchor tenant, Pike Brewing Company, in November 2025. It also adds to a pattern of distress across Unico's broader downtown Seattle portfolio, including an earlier receivership and forced sale at its Colman Building, giving other lenders and owners a benchmark for how anchor-tenant losses in a softening retail submarket can trigger loan-level consequences.
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