Cathay Bank sued the owner of a Downtown Los Angeles commercial property, claiming the landlord defaulted on a $31 million loan. The lender alleges that a Laeroc Partners affiliate, the borrower and owner of 530 West 6th Street in the Financial District, defaulted when the loan matured in September, after a number of extensions. Cathay Bank requested a receiver be appointed to take possession of the 160,000-square-foot office and data-center property and for it to be foreclosed upon. The attorney representing Cathay Bank, Michael Gomez, did not immediately respond to a request for comment; Laeroc Partners could not immediately be […]
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