"Then came our scoop that a deal for 811 Wilshire also fell out, leaving Jamison in default and facing foreclosure on the 337,000-square-foot property. There's no telling what next week will bring you'll just have to stay tuned to TRD, as usual but it does appear that local Jamison is in better shape than global Brookfield as far as the two downtown L.A. property values go."
"The debt connected to 811 Wilshire stands at about $35 million, compared to the original $39 million note that matured and moved to special servicing last year. Jamison bought the property in the early 2000s for $26.5 million. It was valued at $68 million when the current loan was originated in 2014, and it's been appraised at $40.5 million more recently."
"Pustilnikov told KABC Radio's Frank Mottek on the day of his reported $5.5 million deal for the recently shuttered restaurant a longstanding asset in late Los Angeles Mayor Richard Riordan's portfolio that it's a pure dining play. It's coming back, the workers are coming back, the Pantry is coming back, touted the eclectic Pustilnikov, who also has significant holdings of commercial real estate from Huntington Beach to Skid Row."
Two downtown Los Angeles office properties experienced collapsed sales and ensuing loan distress. EY Plaza's sale to Adam Rubin and Andrew Shanfeld fell through, returning a non-performing loan on the 920,000-square-foot tower to the market and contributing to a $275 million note being marketed at a discount after a $130 million deal collapsed. A separate sale for 811 Wilshire also failed, pushing Jamison into default and potential foreclosure; the property's debt is about $35 million against more recent appraisals near $40.5 million after earlier valuations near $68 million. Leo Pustilnikov purchased the Original Pantry and intends to reopen it as a dining venue.
Read at therealdeal.com
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