Edge Principal Advisors, a New York-based real estate firm, defaulted on a $39 million loan tied to an office complex in Culver City, according to property records obtained by TRD.
The 112,000-square foot commercial property is located at 6101 Centinela Avenue in Culver City’s Fox Hills neighborhood.
Forethought Life Insurance, an Indiana-based insurance company and subsidiary of Global Atlantic Financial Group, provided Edge with a $39.8 million loan in 2020, records show. Edge Principal did not respond to a request for comment. Global Atlantic declined to comment.
The lender filed a notice of default with L.A. County, stating the owner — 6101 Centinela Property Owner LLC — was delinquent on payments. The LLC is associated with Edge Principal Advisors.
The New York firm is delinquent on payments totaling $39.3 million as of Nov. 10. A foreclosure can be scheduled 90 days after an initial notice of default is filed under state rules, which means it could be scheduled for Feb. 9.
Edge acquired the property for $44 million in December 2017, according to L.A. County property records. According to reports, Watt Investment Partners was a joint venture partner in the property in 2020, though it’s unclear whether the firm still holds a stake.
The default comes as an increasing number of firms are facing distress, with a record amount of commercial real estate debt maturing over the next four years.
Last year, the The Luzzatto Company, run by a one-time mayoral candidate Asher Luzzatto, defaulted on a $48M loan tied to an office property that previously served as the headquarters for the salad chain Sweetgreen.
Earlier in 2023, another New York-based developer Zach Vella’s Vella Group defaulted on a $79 million loan from Madison Realty Capital. The loan was originally tied to five industrial and office properties in L.A.’s South Bay of L.
Terra Property Trust is another New York developer that defaulted on a $28 million loan tied to a 100,000-square-foot office building in Santa Monica.