The Santa Monica Clock Tower is playing for time. Rockwood Capital-owned building at 225 Santa Monica Boulevard–once the city’s tallest skyscraper,has landed in special servicing and was recently appraised at $27.4 million compared to $49 million at loan issuance, according to Morningstar Credit. That’s a 44 percent decline in around a decade — and that means the 53,500-square-foot, century-old, 12-story Art Deco office tower is worth less than its purchase price but not less than the debt tied to it. The $26.7 million commercial mortgage-backed securities loan connected to the offices went to special servicing after missing a May maturity […]
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