Lender claims Elk Development owes $60M on Hollywood apartments

Elk Development owes about $60 million on Hollywood apartments, according to two notices of default dated early June.  Acres Capital loaned Elk around $41 million via a construction note five years ago. The note was amended and increased to $44 million. The loan was later sold, and now the current noteholder, who claims Elk defaulted on the debt, initiated foreclosure. The noteholder, a limited liability company called Wolverine Land Holdings, seems to be connected to Prime and Killian Construction — neither immediately returned requests for comment. Acres confirmed it sold the note. Elk founder and CEO Evan Kasper declined to […]

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