Rialto going after Redcar’s Chinatown loft offices for $15M default
Redcar is in trouble in Chinatown. Distressed debt player Rialto Capital accused the Jim Jacobsen-led development firm Redcar Properties of defaulting on a loan for creative offices in Chinatown. Now, Rialto wants to foreclose and a receiver to take over. Miami-based Rialto made the allegation in its capacity as the loan’s special servicer, which acts on behalf of commercial mortgage-backed securities bondholders. It claims Santa Monica-based landlord Redcar owes about $15 million, in a complaint dated mid-June. The two buildings targeted by Rialto’s foreclosure lawsuit are at 837 North Spring and 1135 Alameda streets and total about 41,000 square feet. […]This article originally appeared on The Real Deal. Click here to read the full story.
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