The 21-story Wedbush Center in Downtown Los Angeles was recently appraised at $60.5 million compared with a $197.5 million value at loan issuance, according to Morningstar Credit. That’s a 69 percent decline in around seven years. The Class A building–which faces the stretch of the 110 Freeway that cuts through the city’s center–is worth less than half the $128 million commercial mortgage-backed securities debt balance connected to the Cerberus Capital Management-owned building. The private equity firm purchased the 475,000-square-foot office building at 1000 Wilshire Boulevard for $196 million from Lincoln Property Company in 2018. Cerberus Capital Management did not respond […]
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