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.