Redcar hands back keys to Santa Monica creative offices to lender

Redcar Properties handed back the keys to creative offices located in Santa Monica to its lender, Bank OZK, according to a deed in lieu of foreclosure dated late March. The unpaid debt balance was $50.1 million. The debt was on Redcar’s 1650 Euclid Street, but because 1620 and 1630 Euclid were lot tied to 1650 Euclid, the lender now owns them all, according to an informed source. Bank OZK issued the $65 million loan, which was a construction note connected to each parcel, to Redcar in 2022, records revealed. In recent Securities and Exchange Commission filings, Bank OZK mentioned the […]This article originally appeared on The Real Deal. Click here to read the full story.