Brookfield is defaulting on loans tied to two buildings rather than refinancing the debt as demand for space weakens in Los Angeles. Read on
Play Video
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
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Los Angeles Kings sign D Mikey Anderson to eight-year, $33M contract | TSNThe Los Angeles Kings have signed defenceman Mikey Anderson to an eight-year, $33 million extension. Anderson, who was scheduled to be a restricted free agent this summer, will carry a cap hit of $4.125 million under the new deal.
Read more »
‘Opportunity Fund’ a rare Brookfield disasterBrookfield Corp. fund now trades at 20 per cent of its initial value and is one of the worst-performing equities on the Toronto Stock Exchange
Read more »
Brad Pitt, Jennifer Lawrence, Kate Hudson & More Dramatically Read Taylor Swift LyricsIt's not Valentine's Day without a group rendition of a Taylor Swift song. A wide range of celebrities, including Paul Mescal, Zoe Kravitz, Jennifer Lawrence, Brad Pitt, Margot Robbie, Ke Huy Quan, and Seth Rogen, came together to perform a dramatic reading mixed with a singing cover of Taylor Swift's smash 2012 hit 'We Are…
Read more »
'Read and react': How Dave McKay is gearing RBC up for a shallow recessionRBC CEO is cautiously optimistic that the Canadian economy will avoid a serious contraction in 2023. Find out more.
Read more »
'Read and react': How Dave McKay is gearing RBC up for a shallow recessionRBC CEO is cautiously optimistic that the Canadian economy will avoid a serious contraction in 2023. Find out more.
Read more »