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The New York-based agency saw a loss severity of 48.4% in 2022, versus a loss severity of 56% in 2021. 
The firm compared the leverage and yields on the B-piece with similar metrics for preferred equity or mezzanine debt investments.
Aerial view of a Downtown Los Angeles at sunset
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.
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