Cerberus’ Wedbush Center faces foreclosure after $100M-plus default

Cerberus Capital Management’s Wedbush Center in downtown Los Angeles faces foreclosure after a debt default.  The alternative investment outfit owes about $135 million on its office tower on Wilshire Boulevard, according to a notice of default and election to sell dated last month. The trustee sale, which is a foreclosure auction under a deed of trust that occurs post-default, cannot be scheduled until three months after a notice is sent out.  The $128 million commercial mortgage-backed securities debt on the Wedbush Center was sent to special servicing after missing its maturity date. Then, the office tower’s value declined to $60.5 […]This article originally appeared on The Real Deal. Click here to read the full story.