Brookfield Cedes Defaulted Los Angeles Office Tower to Receiver
Link Bloomberg report Brookfield have handed management control of a second office tower in Los Angeles to the Receiver. It is unclear to me the role of Brookfield and if they are debtor or property manager. I suspect the former. Brookfield were unable to make payments on $305 million in total debt. No reason provided but we know working from home has reduced business need for and revenue from CRE. Everything I have read over last year points to strong balance sheets in the CRE space to permit waiting out the pandemic impacts but much now points to CRE not … Continue reading Brookfield Cedes Defaulted Los Angeles Office Tower to Receiver
