A luxury downtown Los Angeles apartment tower, once pitched as a transformative bet on the city’s core, has instead succumbed to surging debt costs and a sluggish recovery. Brookfield is walking away from the 785-unit Beaudry less than four years after the $600 million development opened, opting not to refinance roughly $360 million in debt, the Wall Street Journal reported. The lender, Apollo-owned Bridge Investment Group, is now working to sell the loan. The decision reflects both the challenges of downtown L.A.’s apartment market and the economics of refinancing in a higher-rate environment. Borrowing costs have effectively wiped out Brookfield’s […]
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