The property is the latest Los Angeles office building to experience severe headwinds. 
National and regional banks are expected to reduce commercial real estate lending, which opens the door for the private markets. 
The New York-based manager received a one-year extension, with an additional 12-month extension option.
The opportunity is driven in part by what is going on in the debt markets, with financing more difficult to line up for sponsors than in years past. 
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Higher interest rates could also stall efforts to refinance maturing debt.
One lesson learned from the global financial crisis was that there needs to be a strict chain of control over cash management accounts.
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The loan servicing firm is understood to have appointed Investec to market it to prospective buyers.
Brookfield also defaulted on a pair of Los Angeles office properties in February.
Should the CMBS market be used to resolve potential problems at regional banks, there are questions about how this could play out, however. 
The pending sales of discounted mezzanine loans highlight mezzanine investors' role.

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