A lender is pursuing a receiver for the Rising Realty Partners-owned One California Plaza, a 1-million square foot office tower downtown, after it defaulted on $300 million commercial mortgage-backed securities debt and landed in foreclosure. US Bank, on behalf of the loan holders and through a special servicer, requested a receiver be appointed to take possession of the property and collect rents in a complaint filed earlier this month in the Superior Court of Los Angeles County. “Borrower is in default under the loan documents and is depriving plaintiff of its interest in the rents, causing material, immediate and irreparable […]
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