DTLA mixed-use loan sent to special servicing after $32M default
A roughly $32 million loan on the Metropolitan building downtown was sent to special servicing after the borrower defaulted on their commercial mortgage-backed securities debt, according to Morningstar Credit. Servicer commentary via Morningstar reported a notice of default was sent, and the lender is lawyering up while in talks with the borrower, the Fallas family. Michael Fallas, who was CEO of National Stores — a discount retailer founded by his father, and the bankrupt parent company of Fallas Paredes — is the named loan sponsor. Fallas did not immediately respond to a request for comment; the special servicer declined. The […]This article originally appeared on The Real Deal. Click here to read the full story.
Categories
Recent Posts
Palms single-family properties to give way to multifamily building
Late Informercial Pioneer Ron Popeil’s Beverly Hills Home Lists for $25 Million
Now, how much would you pay?: Beverly Hills home of late infomercial king Ron Popeil hits market
Vacant Echo Park lot slated for multifamily development
Piaget’s New Swinging Pebble Sautoir Is Part Watch, Part Haute Jewelry
On the Couch with Gloria Steinem
Rupert Murdoch’s Former Aspen Estate Lists for Nearly $30 Million
How Ashtrays Became Cool Again—Even for the Ashless
“They have no idea”: Soured Palisades lot sales reflect Wild West of comps
The Bay Area Home of a Famed Experimental Physicist Just Hit the Market for $1.4M
"My job is to find and attract mastery-based agents to the office, protect the culture, and make sure everyone is happy! "
26895 Aliso Creek Rd, B-603, Aliso Viejo, California 92656, USA