[This Open House sign has become increasingly dirty over the last couple of months]
According to a complaint filed on June 24th in LA Superior Court by Koreatown-based Saehan Bank, the developers behind the 4848 Wilshire Blvd building aka the peachy Park Wilshire project have defaulted on two loans, including a $15 million note. For anyone who regularly drives down Wilshire Blvd, news of Park Wilshire's difficulties comes as no surprise. Since this project opened for sales, trying to unload cavernous three-bedrooms for nearly $1 million, the building has remained dark as a casket.
According to a representative for the Park & Lim, the law firm representing Saehan, the filing asks the project be placed in receivership (aka taken away from the developers and overseen by a third party), seeks judicial foreclosure, and seeks
deficiency judgments if the property is sold for less than the amount of the loan. The first two pages of the suit can be downloaded here. Named in the suit as Park Wilshire LLC, the developers (there are numerous investors named in the suit) now have 30-40 days to respond to the complaint.
Reps for Park Wilshire LLC didn't immediately return calls.
But it there was an ever an argument for tearing down buildings and starting over, this development might be the place to start.
· Park Wilshire Archives [Curbed LA]