A lender and special servicer, on behalf of commercial mortgage-backed securities holders, requested a court-appointed receiver for an Orange County office campus. The parties alleged the borrower defaulted on their loan and said the amount owed was in excess of $17 million, according to a complaint filed earlier this year. Wells Fargo originated the note, and K-Star Asset Management is the special servicer. The property in question is a three-building office park on Garden Grove Boulevard in Westminster, which saw its value decline to $16.4 million, compared to $27.7 million at loan issuance six years prior, per Morningstar Credit and […]
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