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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
