X Denver apartment developer defaults on $170 million loan

The developers of the X Denver apartment building have defaulted on a $170 million loan tied to the property. Lender MREG, an LLC tied to New York-based Mack Real Estate Group, is now asking a court to appoint a receiver to take over management of the 455-unit complex near Coors Field, according to the Denver Business Journal.

Chicago-based The X Co. Built the property at 3000 and 3100 Inca Street in 2021. The building's amenities include a fitness center, coliving suites, coworking spaces, offices, and conference rooms.

Loan default and receiver request

The X Co. Secured the $170 million loan from MREG in January 2022. The loan matured three years later. MREG claims in court documents that the developer defaulted by failing to pay the outstanding principal balance, interest, and all other amounts due under the loan agreement. The debt tied to X Denver and another The X Co. Property in Phoenix was listed for sale in May 2025.

The lender has requested the court appoint Trigild IVL LLC as the receiver. Trigild is a national commercial real estate asset management firm specializing in court-appointed receiverships and turnaround services. The firm was recently appointed receiver of Denver's tallest tower, Republic Plaza, after a $280 million loan default there.

The X Co. Did not respond to a request for comment from Bisnow.

Related property transaction

The developer also built a separate project called X Denver 2, a 22-story apartment building at 2134 Arapahoe Street in the Five Points neighborhood, which was completed in 2023. That building sold in November 2024 for approximately $102 million to CIM Group. CIM Group had previously loaned The X Co. $105.3 million to finance the construction of X Denver 2.

Denver market context

Denver's apartment market is facing pressure from a large influx of new units. This surge in supply has caused vacancy rates to jump and concessions for renters to rise. Earlier this month, an 11-story apartment building in downtown Denver sold for $110 million.

The X Co.'s portfolio lists additional properties in Chicago, Houston, Phoenix, Tampa, Florida, and Oakland, California. According to its website, the company's development pipeline spans 3,000 beds and represents more than $1 billion in asset value.