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Posted on 10/16/2026 9:39:25 AM PDT by george76
A Denver judge has appointed a court receiver for the 455-unit X Denver apartment complex near Coors Field after no representatives of X Denver appeared at a hearing. Judge Heidi Kutcher appointed Trigild, a distressed real estate firm, as receiver for the tower at 3100 Inca St. following a hearing Friday that no representatives of X Denver attended.
The appointment follows Mack Real Estate Group's request for a receiver, as detailed by BusinessDen. The $170 million loan backing X Denver was originated by Mack Real Estate Group in 2022 and went into default after reaching its maturity date in January 2025, according to the Denver Business Journal. Mack asked the court to appoint a receiver for the property.
A Legal Playbook Years in the Making..
Mack's involvement in X Denver's debt comes amid broader distress in developer The X Company's portfolio. In May 2025, Newmark was hired by Mack Real Estate Credit Strategies to market $325 million in nonperforming debt tied to both X Denver and its Phoenix counterpart, with $170 million attached to the Denver tower and $155 million to X Phoenix,
...
X Denver is not the first local tower lost by The X Company. CoStar reported that CIM Group assumed ownership of its sister project, X Denver 2, at 2130 Arapahoe St., after issuing a $105 million construction loan.
Part of a Wider Downtown Denver Reckoning..
X Denver's receivership arrives amid broader distress in Denver's commercial real estate market. Trigild was separately named receiver in August for Republic Plaza, Colorado's tallest building, after owner Brookfield Properties defaulted on $230 million in mortgage debt, the Real Deal reported. The developer's troubles stretch beyond Colorado, too — Hoodline previously reported that a December trustee sale looms over X Phoenix, where Mack Real Estate Group scheduled the auction of Phase 1 over an unpaid $128 million loan after construction on Phase 2 stalled in late 2023.
The company was founded in 2018 by CEO Noah Gottlieb, a former executive at Miami-based Property Markets Group, who built the business around combining co-living suites, traditional apartments, coworking space, and members-only social clubs, per the Real Deal.
For now, Trigild's appointment as receiver puts the Inca Street tower in receivership while the fallout from the developer's defaulted debt continues to play out in court.
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Colorado Ping ( Let me know if you wish to be added or removed from the list.)
I’m a fairly longtime believer in REITs as a good income balancer in a diversified portfolio. Nifty way to add some real estate exposure without the direct headaches.
Don’t get me wrong - I’m not dumping (whether Twain or Will Rogers - the apocryphal “Buy land, they’re not making any more of it” will never stop being true).
I always do my due diligence regardless of prevailing conditions, but debt loads are becoming a REAL problem in all areas of investing and - especially in the real estate realm, I’ve throttled back my ‘acceptable’ line for debt load substantially.
This is just one instance - a drop in the bucket (not even that) - but way too many stories like these popping up like rabbits.
The 450-unit apartment complex has been in default of a $170 million loan since early 2025..
The building’s assessed value of $93.1 million is significantly lower than the outstanding loan balance, highlighting the severe financial distress surrounding the asset.= X Denver’s assessed value is $93.1 million, or just 55% of its $170 million loan.
https://www.denverpost.com/2026/10/13/x-denver-apartments-caretaker-lawsuit/
Given a tight housing market, how can an apartment tower be valued for less than the loan? Or was too much commercial space built in?
The U.S. housing shortage is officially over.
Existing house supply just hit 4.81 months in September 2026.
This is the highest level of relative supply going back to 2016, a 10-year record.
It’s also now above the long-term 27-year median.
https://x.com/nickgerli1/status/2110098361391223187
1) Note that this is just existing homes.
When you include new build homes, it’s even more obvious that there is no more housing shortage.
Homes, not apartments: homes are loose because no one can afford to buy at current interest rates. That actually drives up demand for apartments.
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