Rockwood Capital may be out of time. Special servicer Rialto Capital Advisors sued a company connected to Rockwood over a loan secured by the Santa Monica Clock Tower, once the city’s largest skyscraper. Rockwood assumed $26.7 million in commercial mortgage-backed securities debt when it purchased the 12-story office building in 2019. Rialto alleges that Rockwood defaulted when the debt matured in May and owes about $25 million. Rockwood purchased the property, at 225 Santa Monica Boulevard overlooking the Pacific Ocean, from Sorgente Group of America six years ago for $58 million, or $1,084 per square foot. The alleged default amount […]
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