Metlife wants Rockpoint to cede control of a Miracle Mile office tower. In a complaint dated early June, the lender claims the owner is in default on a roughly $164 million loan. Metlife alleges Rockpoint, a Boston-based private equity outfit, failed to pay back an about $2 million protective advance, money a lender gives a borrower to protect the collateral — in this case, an office tower on Wilshire Boulevard. The advance was made in early April to pay taxes, per the lender. Metlife gave Rockpoint until April 28 to pay up, and it hasn’t. The borrower has “failed and […]
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