Onni Group’s $408 million loan on Wilshire Courtyard is in special servicing, according to Morningstar Credit. Onni owes about $384 million on the around 1-million-square-foot Miracle Mile office complex at 5700 to 5750 Wilshire Boulevard. Servicer commentary dated early May noted the loan moved due to imminent monetary default. “The borrower requested a transfer to special servicing due to their inability to make the upcoming [July] balloon payment,” the commentary read. Onni did not immediately respond to a request for comment. The move could be a workout play. Onni Group is apparently scrapping its office expansion plans at its Miracle […]
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