Pacific Investment Management Company and the Witkoff firm have defaulted on a loan of more than $400 million tied to a luxury apartment complex in Santa Monica. The delinquent loan is connected to The Park Santa Monica, a 249-unit residential property at 500 Broadway in downtown Santa Monica, Bloomberg reported. Pimco owns 98.5 percent of the equity in the property and “controlled investment decisions” as the primary capital partner, a representative for Witkoff told Bloomberg. Witkoff, founded in 1997 by longtime developer-turned-U.S. special envoy Steve Witkoff, owns the remaining 1.5 percent. Pimco and the Witkoff firm received a $324 million […]
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