At this point, if you live in downtown you need to be versed in the ABCs of foreclosure (at least eight residential properties and a hotel are in bankruptcy) so you can sound like you know what you're talking about at the Nickel Diner. Even in the succinct and sensible prose of the Downtown News, which tries to explain the machinations of foreclosure and what happens once the banks take over, it's still easy to get confused with terms like "liens that are junior to you" and "mezzanine lenders." What's made clearer is the current state of the Brockman building, the stately structure at 7th and Grand currently in the hands of a bankruptcy court-appointed trustee. The developer's lender, Bank of America, has yet to foreclose, but probably will later in the year. Don't expect a change though: "Even after that, that bank is unlikely to rush to sell or lease units."
· The Big Takeover [Downtown News]
· Brockman Suspends Leasing Program [Curbed LA]