Santa Monica Clock Tower is in the hands of a receiver over a $25 million loan balance, according to an October court order. Special servicer Rialto Capital recently sued a company connected to Rockwood Capital, the Santa Monica Clock Tower owner, after the landlord defaulted on a loan secured by the property. Rialto requested a receiver and foreclosure in the lawsuit. Attorneys for the two parties did not immediately respond to requests for comment. Rockwood assumed $26.7 million in commercial mortgage-backed securities debt when it purchased the building, according to the lawsuit. Rialto alleged that Rockwood defaulted when the debt […]
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