DTLA landmark falls into receivership after Fallas default

The Metropolitan apartment and retail building in Downtown L.A. is in a receiver’s hands after the Fallas family allegedly defaulted on a $32 million loan.  A Superior Court of Los Angeles County judge appointed a receiver at the request of special servicer LNR on behalf of lender Natixis and CMBS holders. An entity of the family behind the bankrupt discount retailer Fallas “is financially incapable of curing defaults,” LNR said in a court filing. The court appointed Robert Warren as receiver, according to the mid-July order.  Brokers Matthew Luchs of Zacuto Group and Northmarq’s Mike Hanassab and Elliot Hassan have […]

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