A California state court of appeals has temporarily blocked a foreclosure sale of Oceanwide Plaza, an unfinished $2B project in Downtown Los Angeles, in order to determine which of the lien holders get paid first.
Lendlease, Oceanwide's general contractor on the massive project, and subcontractor Webcore filed suit claiming priority in the lien payout from a sale.
In June, Beijing-based China Oceanwide Holdings, the developer of Oceanwide Plaza—its last US asset and the largest project under development in DTLA—defaulted on $157M it owes to a group of EB-5 lenders as of January, according to a notice of default filed with Los Angeles County.
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