The developers of X Denver, a 455-unit apartment building near Coors Field, have defaulted on a $170 million loan tied to the property, and the lender is now asking a court to appoint a receiver to manage the asset. The request matters because it signals distress in a high-profile, amenity-rich multifamily project built during the post-2020 development wave, and because it arrives as Denver's apartment market absorbs a surge of new supply that has pushed vacancy rates higher and forced concessions. A receivership would shift operational control away from the borrower, Chicago-based The X Co., and toward a third-party asset manager, a step that typically precedes a sale, restructuring, or foreclosure.
The property was built in 2021 at 3000 and 3100 Inca St. and features a fitness center, coliving suites, coworking spaces, offices, and conference rooms, according to X Denver's website. In January 2022, The X Co. secured the $170 million loan from an LLC tied to New York-based Mack Real Estate Group, or MREG. The loan matured three years later. MREG claims The X Co. defaulted and did not pay the outstanding principal balance, interest, and other amounts payable under the loan documents, according to the Denver Business Journal, citing court documents. MREG is asking the court to appoint Trigild IVL LLC as receiver. Trigild is a national commercial real estate asset management firm specializing in court-appointed receivership, turnaround services, and bankruptcy.
The evidence comes from a single Bisnow article that relies on Denver Business Journal reporting and court documents, with additional context from previous Bisnow coverage. The dossier confirms that debt on the Denver property and another The X Co. building in Phoenix was listed for sale in May 2025, indicating financial pressure predated the current receivership request. The X Co. did not respond to Bisnow's request for comment. Trigild's proposed appointment is notable because the firm was recently named receiver of Republic Plaza, Denver's tallest tower at 370 17th St., after that building's owner defaulted on a $280 million loan. That parallel suggests Denver's commercial and multifamily distress is creating repeat receivership mandates for specialized asset managers.
The X Denver default fits a broader pattern in Denver's multifamily sector. The market has been inundated with new units coming online, causing vacancy rates to jump and concessions to rise, according to the source. The X Co.'s own pipeline spans 3,000 beds and more than $1 billion of asset value across Chicago, Houston, Phoenix, Tampa, Florida, and Oakland, California, meaning distress at one Denver asset could have implications for the company's wider portfolio. The X Co. also built X Denver 2, a 22-story apartment building in Five Points at 2134 Arapahoe St., in 2023. That building sold in November 2024 for about $102 million to CIM Group, which had loaned The X Co. $105.3 million to build it, according to previous Bisnow reporting. The sale price below the construction loan amount illustrates how falling values can pressure borrowers even when assets trade.
Several limitations constrain this analysis. The dossier contains one full-text source, so the default's precise causes, the outstanding loan balance, and any borrower defenses are not independently corroborated. The article does not specify whether the $170 million loan was interest-only, floating-rate, or subject to extension options, nor does it detail X Denver's occupancy or revenue performance. It is also unclear whether the Phoenix debt listing and the Denver receivership request are part of a coordinated lender strategy or separate actions. What to watch next: whether the court grants the receivership, whether Trigild initiates a sale process, and whether other The X Co. properties face similar lender actions. A separate data point—an 11-story downtown Denver apartment building selling for $110 million earlier this month—suggests capital is still available for multifamily assets, but pricing and lender patience are being tested.