Court appoints receiver for Golub, BlueFive’s Mag Mile office
Key takeaways
- On June 16, a Cook County judge appointed Scott Shefman of Friedman Real Estate Management as the receiver for the Magnificent Mile office building, court records show.
- The lenders allege landlords Golub & Company and BlueFive Capital defaulted on a $50.6 million loan.
- The loan transferred to special servicing in November 2025 due to an imminent default driven by cash flow issues.
Court appoints receiver for Golub, Blue Five’s Mag Mile office Sam Lounsberry Sat, June 27, 2026 at 8:00 PM GMT+7 2 min read Friedman Real Estate's Scott Shefman, Golub & Company's Michael Newman and Blue Five Capital's Hazem Ben-Gacem with 625 North Michigan Avenue (Friedman Real Estate, Golub & Company, Blue Five Capital, Google Maps, Getty) Distress at 625 North Michigan Avenue is entering its next phase: receivership.
On June 16, a Cook County judge appointed Scott Shefman of Friedman Real Estate Management as the receiver for the Magnificent Mile office building, court records show.
Shefman's takeover of the 28-story property's operations stems from a foreclosure lawsuit filed by Citibank, acting as trustee for commercial mortgage-backed securities bondholders, alongside special servicer LNR Partners. The lenders allege landlords Golub & Company and BlueFive Capital defaulted on a $50.6 million loan. The debt, originated by Cantor Commercial Real Estate in 2019 with a 4.63 percent interest rate, reached its maturity date on March 6 without repayment.