An investment group behind the Mandarin Oriental Residences Beverly Hills have defaulted on a loan of more than $200,688,474, putting the property at risk of foreclosure, according to a notice of default filed last month with the Los Angeles Registrar-Recorder/County Clerk.
According to real estate news outlet Bisnow, the default prompted a bulk sale of more than 44 condo units at the property, which is owned by developer Michael Shvo’s eponymous company, Deutsche Finance and a consortium of German pension funds. In a statement, a spokesperson for the group said it had “arranged financing with JP Morgan but chose instead to work with the lender to market the remaining units in a bulk sale.”
