Amidst a backdrop of financial uncertainty, Hankey Group, has extended a lifeline to Joel Schreiber, CEO of Waterbridge Capital, by granting a loan extension for Union Bank Plaza, according to confidential sources reported by The Real Deal.
Schreiber, known for his involvement in high-profile real estate transactions and as an early investor in WeWork, found himself in a precarious position as debts loomed large. The loan extension comes as Schreiber grapples with the aftermath of his acquisition of Union Bank Plaza, a towering office structure located at 445 S Figueroa in Downtown Los Angeles.
Schreiber, having purchased the property for $110 million early last year, faced a debt repayment deadline of $75 million. With the support of Hankey’s extension, Schreiber managed to alleviate some of the financial strain by paying off approximately 40 percent of the debt, leaving him with a remaining obligation of $40 million to Hankey Capital.
Despite the temporary respite provided by Hankey’s extension, Schreiber’s financial woes extend beyond the West Coast. Court judgments totaling nearly $100 million in New York have compounded his challenges. These judgments stem from alleged violations of loan agreements involving financial heavyweights Goldman Sachs and an affiliate of Starwood Capital Group.
The circumstances surrounding Schreiber’s sudden ability to repay a significant portion of his debt remain shrouded in mystery. Neither Hankey Capital nor Waterbridge officials have offered comments on the matter, leaving observers to speculate on the source of the capital infusion.
