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LOS ANGELES-A joint venture of Van Nuys-based Sharp Capital Group and Axiom Real Estate has taken title to a 52-unit condominium project after acquiring a nonperforming loan on the property, one of a number of such deals that the Los Angeles-based companies expect to complete this year. David Shophet, vice president of acquisitions for Sharp Capital, tells GlobeSt.com that the company plans to invest in more than $75 Million worth of distressed notes for commercial properties throughout Los Angeles in 2009.

Sharp is also looking at REO, Shophet says, although the company is focusing most aggressively on acquiring distressed debt. He notes that all of Sharp’s deals are joint ventures with Axiom and that Sharp’s CEO, Morad Shophet is a co-founder and board member of Axiom, which has completed a number of commercial real estate projects in the L.A. area.

The condominium project that the Sharp-Axiom joint venture has taken title to is at the corner of North Union Avenue and West Temple Street in Echo Park. The price that Sharp paid was undisclosed, but Shophet says that the joint venture bought the loan at a significant discount, then foreclosed on the property and took title.

Shophet says that the new owners are considering a number of options for the project, where construction was halted about six months ago. “We might sell it at a profit or we might finish the project with our in-house development team. We haven’t decided yet,” he says.

Axiom Real Estate’s projects in Los Angeles include the 200-unit condo conversion of Franklin Towers at the corner of Franklin and La Brea avenues in Hollywood, the development of the 68,000-square-foot Coliseum Center retail adaptive use at Crenshaw and Coliseum boulevards and the 45,000-square-foot Park Hill Medical Plaza, a class A property on Medical Center Drive in West Hills.

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