TA Partners has filed for bankruptcy on a development site where it once planned a 452-unit residential complex in Playa Vista, The Real Deal has learned.
The filing extends a period of distress for the firm, which last year allegedly defaulted on nearly $200 million in loans tied to two apartment projects in Irvine.
The bankruptcy paperwork, which was filed April 3, relates to 6055 West Center Drive, a site where TA Partners proposed to build a 15-story apartment complex totaling nearly 400,000 square feet. The previous owner of the site, Equity Residential, planned to build a 545-unit residential property called the Altitude at Howard Hughes Center, according to a previous report from Urbanize LA.
In 2019, TA Partners abandoned its plans for the 452-unit apartment complex, asking the City of Los Angeles to refund the fees it paid for building permits. “We have elected to change the project,” Raymond Thimens, TA Partners’ construction director, said in an email, city records show.
The site enjoys a strategic position next to the 405 Freeway at the Howard Hughes Parkway exit near Los Angeles International Airport, or LAX.
According to the bankruptcy filing, the West Center Drive property has an assessed value of $124 million. TA Partners declared $27.8 million in claims against the asset, the largest piece of which is a $27.5 million lien from Hankey Capital.
TA Partners, headed by Johnny Lu, once estimated the value of its portfolio at $2 billion. It has a total of nine current projects in Los Angeles, according to its website.
In October, Mack Real Estate claimed that the firm defaulted on two loans totaling $197 million. The mortgages are backed by 18831 Von Karman Avenue and 17422 Derian Avenue, two Irvine sites where TA Partners planned to build a total of 658 units. The debt was part of a $262.5 million debt package that was set to mature in 2027.
TA Partners could not be reached for comment.
The post TA Partners files for bankruptcy on 452-unit Playa Vista project appeared first on The Real Deal.
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