CMBS Lender Moves to Take Control of Fallas Family’s 88-Unit Metropolitan Building in Downtown Los Angeles After $32MM Default

A judicial foreclosure action filed this month against the Fallas family's landmark Metropolitan building at 449 South Broadway has put one of Downtown Los Angeles' pioneering adaptive reuse conversions on a path toward receivership, even as negotiations continue that could end in a short sale. The special servicer overseeing roughly $32 million in commercial mortgage-backed […]