Illustrative Los Angeles skyline photograph by Rihards Sergis / Unsplash. Not a property-specific photograph of the loan collateral. Photographer. Downtown Los Angeles has another number for investors assessing what troubled office real estate is worth. An affiliate of Kam Sang Company acquired the loan secured by Wells Fargo Center South, a 45 story tower at 355 S. Grand Avenue in Bunker Hill. Newmark announced the transaction October 19, identifying the buyer as New Age 355, LLC. The debt had a…
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A $290 Million Loan on an LA Tower Reportedly Sold for $115 Million. The Discount Is Only the Beginning.
Wells Fargo Center South’s $290 million loan reportedly sold for $115 million. Why the debt trade does not establish a building sale or conversion plan.
