The owners of a nine-story building known as Pasadena Office Tower face foreclosure in the wake of a notice of default on $40 million debt and election to sell that was recorded earlier this month. The commercial mortgage-backed securities loan connected to the office building at 150 South Los Robles Avenue earlier landed in special servicing, with default considered likely and imminent. Borrowers acknowledged they would be unable to pay off the loan prior to maturity, blaming “tenant flight to higher quality space, reduced office demand and inflationary pressures,” according to servicer commentary via Morningstar Credit. The owners, two entities […]
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