No. of Recommendations: 5
A Brookfield fund has missed payments on $275 million in CMBS financing tied to another office tower in Downtown Los Angeles and risks foreclosure at the property.
The fund has not paid in the last month on the 41-story, 920,300-square-foot EY Plaza, according to data provided by Trepp. The loan is now with special servicing.
'We have always focused on quality, so 95 percent of what we own are trophy and Class A buildings that continue to see strong demand globally and benefit from the flight to quality,' a Brookfield spokesperson said in an email to Commercial Observer. 'While the pandemic has posed challenges to traditional office in certain U.S. markets, this represents a very small percentage of our portfolio.'
stocks.apple.com: Brookfield Fund Late on Another Downtown LA Office Tower 