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Bank of America Takes Back NoHo14, Offers Sweet Rental Deal

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Following speculation that North Hollywood developer JSM's NoHo14 project on Lankersheim Boulevard in North Hollywood was in trouble, lender Bank of America foreclosed on the 180-unit apartment building, according to a report last month on the Commercial Real Estate Console blog. You can see the listing for the property on Bank of America's web site--this condo building turned ghost tower turned rental building will cost you $50 million. A leasing agent for the project tells us that the foreclosure is having no effect on leasing in the building, which is now 70 percent filled up. Meanwhile, one man's foreclosure is another man's rental deal. Or something. The building is offering three months free if you sign a 12-month lease. Rents range from $2,170-$3,545.
· REO Monitor: NoHo14, North Hollywood [CRE Console]
· Troubled NoHo14 Tower Headed to the Bank? [Curbed LA]