Brookfield is defaulting on loans tied to two buildings rather than refinancing the debt as demand for space weakens in Los Angeles. Read on
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The two properties in default, part of a portfolio called Brookfield DTLA Fund Office Trust Investor, are the Gas Company Tower, with US$465 million in loans, and the 777 Tower, with about US$290 million in debt, according to a filing. The fund manager had warned in November that it may face foreclosure on properties.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
“We believe DTLA’s decision to default on these two assets increases the risk for the remaining loans in their portfolio,” Barclays Plc research analysts Lea Overby and Anuj Jain wrote in a note Tuesday.Article content
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