X Denver co-living complex is in receivership after $170M loan default
Judge Heidi Kutcher appointed Dallas-based Trigild IVL as receiver at lender CMTG JP Finance's request.
At a glance
X Denver, a 455-unit apartment complex with co-living units, is in receivership after its owner defaulted on a $170 million loan, the Denver Business Journal reported.
Denver District Court Judge Heidi Kutcher appointed Dallas-based Trigild IVL as receiver for the property at 3000 and 3100 Inca Street.
CMTG JP Finance sought a receiver in September, arguing the property's assets and income were at risk without outside oversight.
X Denver, a 455-unit apartment complex with co-living units, is in receivership after its owner defaulted on a $170 million loan, the Denver Business Journal reported.
Denver District Court Judge Heidi Kutcher appointed Dallas-based Trigild IVL as receiver for the property at 3000 and 3100 Inca Street. The appointment came at the request of the lender, CMTG JP Finance, which traces back to Mack Real Estate Group, according to The Real Deal.
CMTG JP Finance sought a receiver in September, arguing the property's assets and income were at risk without outside oversight. Kutcher's order authorized Trigild to take control of operations.
The $170 million balance works out to roughly $374,000 for each of the 455 units. For comparison, the $55 million refinancing Orix wrote on a Seattle lease-up in September was priced at $275,000 a unit, per PRED's records. The Denver number is a defaulted balance on a standing asset rather than a new origination.
Save this analysis and keep the funds you follow together in My Desk.
Sign in to save articles or follow funds.
RE DebtPrivate-label CMBS holds half of delinquent multifamily debt, Trepp finds
RE DebtJLL arranges $718.2M floating-rate financing for Equus Capital Partners Phoenix portfolio
The Wrap