The developers of X Denver, a 455-unit apartment building near Coors Field, defaulted on a $170M loan tied to the property. Now the lender is requesting that a receiver be appointed to manage the property, according to the Denver Business Journal. 

X Denver was built in 2021 at 3000 and 3100 Inca St. by Chicago-based The X Co. The property features a fitness center, coliving suites, coworking spaces, offices and conference rooms, according to X Denver’s website.

In January 2022, real estate developer The X Co. secured a $170M loan for X Denver from an LLC tied to New York-based Mack Real Estate Group, according to the DBJ.

The loan matured three years later. MREG claims that The X Co. defaulted on the loan and didn’t pay the outstanding principal balance, interest and “any and all other outstanding amounts payable under the Loan Documents,” the DBJ reported, citing court documents. 

Debt on the Denver property and another The X Co. building in Phoenix was listed for sale in May 2025.

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

MREG is asking the court to appoint Trigild IVL LLC as the receiver of X Denver. Trigild is a national commercial real estate asset management firm that specializes in court-appointed receivership, turnaround services and bankruptcy.

Trigild was recently appointed the receiver of Republic Plaza, Denver’s tallest tower at 370 17th St., after the building’s owner defaulted on a $280M loan.

The X Co. built X Denver 2, a 22-story apartment building in Five Points at 2134 Arapahoe St., in 2023. The building sold in November 2024 for about $102M to CIM Group, which loaned The X Co. $105.3M to build X Denver 2, according to previous Bisnow reporting.

The X Co.’s portfolio lists additional properties in Chicago, Houston, Phoenix, Tampa, Florida, and Oakland, California. The company’s project pipeline spans 3,000 beds and more than $1B of asset value, according to its website. 

Denver’s apartment market has been inundated with new units coming online, causing vacancy rates to jump and concessions to rise. Earlier this month, an 11-story apartment building in downtown Denver sold for $110M.