Jade Enterprises’ Sawtelle offices face foreclosure after $30M default

Jade Enterprises’ red-brick office building in West Los Angeles faces foreclosure after a more than $30 million default.  Albert Taban’s outfit owes about $33 million, according to a July notice of default and election to sell. The commercial mortgage-backed securities debt on 1950 Sawtelle Boulevard went to special servicing earlier this year after Jade missed its January maturity date. Jade, the special servicer and lender haven’t come to an agreement since. August servicer commentary via Morningstar Credit notes the borrower offered discounted payoffs, but the lender rejected that.  Now Jade is working on a potential refinance, per the commentary. But […]

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