Canadian real estate giant Brookfield has defaulted on $784M in loans for two high-profile Downtown Los Angeles office towers, including $465M owed on the Gas Company Tower and $319M in loans for 777 South Figueroa St., also known as the 777 Tower.
"An event of default has occurred [and] lenders may exercise their remedies," Brookfield's DTLA Fund Office Trust Investor said in an SEC filing on Friday, adding that remedies may include foreclosure.
Brookfield said in the filing it has not exercised any option to extend the maturity date on the loans, which came due on Feb. 9.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
*May exclude premium content
Already have an account?
Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
