A $280 million loan on the Slatkin brothers’ Casa del Mar and Shutters on the Beach was sent to special servicing over a disagreement on an extension stipulation. The hotelier brothers, Edward and Thomas Slatkin, were “unable to meet the maturity extension conditions” on the loan backing the luxe Santa Monica hotels, servicer commentary via Morningstar Credit indicated. Thomas Slatkin didn’t deny that, but still doesn’t agree with the move. “The current matter involves a disagreement regarding one of the loan’s extension provisions. We believe the special servicer has taken an unnecessarily aggressive position, despite the hotels’ strong financial performance […]
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