"City Market of Los Angeles in the Fashion District downtown is suing a tenant that owes rent to the tune of about $340,000. City Market L.A. is a partially developed mixed-use vision that's bounded by 9th, San Julian, San Pedro and 11th Street. It's the brainchild of Peter Fleming, whose family co-founded what was once a produce market on the site."
"The latest clock to to start ticking in Jamison's portfolio is a loan on City Center on 6th, a K-town mall, which went to special servicing after the loan matured and Jamison didn't pay it off. The debt has a current balance of about $51 million. A Jamison spokesperson said the company engaged CBRE and signed a term sheet with a CMBS provider to refinance the matured loan, which is expected to close in 45 days,"
City Market of Los Angeles occupies a partially developed mixed-use site bounded by 9th, San Julian, San Pedro and 11th Street and includes City Market South as the first phase of a 10-acre redevelopment plan. City Market South operates as a dining and entertainment venue. A complaint names Chris Herron as the lessee of a space alleged to owe about $340,000 in unpaid rent; the defendant LLC is connected to film producer Todd Makurath. Jamison's City Center on 6th loan went to special servicing after maturing with a roughly $51 million balance, and Jamison says a CMBS refinance is expected to close in 45 days.
Read at therealdeal.com
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