More trouble hit the Norman Kravetz-helmed Realty Bancorp’s Los Angeles County office portfolio. After the commercial mortgage-backed securities debt connected to the five-property portfolio landed in special servicing earlier this summer, the borrower is delinquent, and the value is less than half as much as it was at underwriting six years ago. The 346,800-square-foot portfolio, located in Aguora Hills, Woodland Hills and Calabasas, was recently appraised at $47.8 million compared to $101.6 million in 2019, according to Morningstar Credit. Not only has the portfolio’s value dropped to $138 per square foot, but it is worth less than the $67.3 million […]
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