Edge Principal Advisors, a New York-based real estate firm, is currently grappling with a financial setback as it defaults on a $39 million loan tied to a commercial property in Culver City, according to a report from The Real Deal. The 111,473 square foot office complex is situated at 6101 Centinela Ave. in Culver City’s Fox Hills neighborhood.
The loan, provided by Forethought Life Insurance, an Indiana-based insurance company and subsidiary of Global Atlantic Financial Group, amounts to $39.8 million, per the report. The lender recently filed a notice of default with Los Angeles County.
As of Nov. 10, Edge Principal Advisors is delinquent on payments totaling $39.3 million. According to state rules, a foreclosure can be scheduled 90 days after the initial notice of default is filed. This places a potential foreclosure date on Feb. 9, raising concerns about the future of the commercial property.
Edge Principal Advisors had acquired the property in December 2017 for $44 million, according to records. Watt Investment Partners reportedly joined as a joint venture partner in 2020.
The property was developed in 1980 and has been renovated as recently as 2020. This included a creative interior remodel and exterior landscaping upgrades as well as renovations to the lobby and common areas, according to a listing for the site on Loopnet. The property stands three stories tall and also features various amenities, including a courtyard, balcony and access to nearby retail and the 405 Freeway.
