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Both companies have been making upgrades to the two properties.

While vacancies were elevated, there are a couple of positives.

However, things are expected to at least improve.

So far, the developer has deployed roughly $385 million across 16 assets.

There is deep skepticism about the relationships between officials and developers.

Rents are currently priced from $3,840 to $8,050.

The bulk of the loan balance is concentrated in California.

Struggles to secure financing in the lending market have the developer reconsidering.