A Santa Monica luxury apartment complex owned by Pimco and Witkoff is headed for foreclosure auction with more than half a billion dollars in debt, marking one of the largest multifamily defaults in Santa Monica history. The lender on The Park Santa Monica, a 249-unit apartment tower at 500 Broadway in Santa Monica, has scheduled a Dec. 3 foreclosure auction after the borrower defaulted on a loan secured late last year, the Santa Monica Daily Press reported. The unpaid balance had reached an estimated $513.7 million as of last month, according to a notice of trustee’s sale posted at the […]
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