A group of lenders, led by Wilmington Trust, has petitioned a Pennsylvania state court to appoint a receiver to oversee portions of Pittsburgh’s Station Square development following a $143 million loan default. The motion, filed in Allegheny County, targets the Landmarks Building, Commerce Court, and Bessemer Court within the Station Square neighborhood.
The lenders aim to foreclose on the properties and are seeking a receiver to manage operations, collect income, and facilitate marketing for a sale. “Plaintiff desires to exercise the rights granted to it under the mortgages … to have a receiver appointed to protect, preserve, maintain, and manage the property,” the petition states.
The properties, owned by subsidiaries of Brookfield Properties, defaulted on mortgages originally due by December 2023. According to the lenders, the debt reached $143 million by October 2024, excluding attorney fees and costs.
The motion proposes Richard J. Madison of Colliers International as the receiver. Madison would oversee the properties, address management issues, and initiate the sales process.
