Tushar Patel, the Orange County hotelier who once ranked as the second-largest property owner in Anaheim behind Disney, has fallen behind on an $80 million loan tied to the Anaheim Marriott.  An entity controlled by Patel is more than 90 days delinquent on the loan, which currently has a balance of $69.8 million, according to Trepp data. The last payment on the debt came through in December.  Patel did not respond to a request for comment.  JPMorgan Chase Bank originated the loan in 2014 to refinance the 1,030-key hotel at 700 West Convention Way. The debt was then packaged into ..read more

The Gas Company Tower, L.A.’s fifth tallest building, is worth one-fifth less than a year ago and two-thirds less than its value in 2021. The value of the 52-story tower, now on the market by a receiver after Toronto-based Brookfield walked away from its debt obligations, is $214.5 million — 21 percent less than its appraisal last summer, the Commercial Observer reported, citing figures from Trepp. The spire at 555 West 5th Street in Downtown is backed by a $350 million commercial-mortgage backed securities loan and more than $100 million in mezzanine financing. Three years ago, the 1.4 millio ..read more

Abington Emerson Investments has beat back an appeal seeking to block the construction of 36 apartments in West Adams. The Sawtelle-based developer was backed by the Los Angeles Planning Commission, which voted to uphold the approval of the five-story complex at 4101-4109 West Exposition Boulevard, Urbanize Los Angeles reported. The project, approved by the city’s Planning Department in February, would replace three single-story apartment building with 10 units built during World War II. Plans call for 36 studio, one- and two-bedroom apartments at Exposition and Buckingham Road, with parking f ..read more

A Bankruptcy Court judge has given final approval to a lawsuit settlement between Mohamed Hadid and his lender, developer Zach Vella, in spite of objections raised by the City of Los Angeles, The Real Deal has learned.  The compromise relates to a partially built mansion located at 9650 Cedarbrook Drive in the Beverly Crest neighborhood of Los Angeles. The 37-acre site, with a planned 78,000-square-foot home that is reportedly the largest-ever permitted residential project in Los Angeles, was once on the market with an asking price of $250 million.   The settlement approval come ..read more

Trader Joe’s is set to open nine new grocery stores between Santa Clarita and San Diego County. The Monrovia-based firm plans to open two dozen stores across the U.S., including Santa Clarita, Northridge, Sherman Oaks, South Pasadena, Mission Viejo, Murrieta, Poway and Santee, the Los Angeles Times reported.  Opening dates and addresses for each store were not disclosed. Trader Joe’s is also slated to open a grocery store at the Village Walk Tarzana, replacing a 54,000-square-foot Whole Foods market that closed in 2022 at 18700 Ventura Boulevard, Valley News Group reported. An opening dat ..read more

Westside Neighborhood School has picked up two office buildings in Playa Vista in two separate deals for a combined $74.3 million. The Los Angeles private school bought the two-story buildings at 5340 Alla Road and 12901 West Jefferson Boulevard, L.A. Business First reported.  The respective sellers were LaSalle Investment Management, a unit of Chicago-based JLL; and Brentwood-based Pacshore Partners and A2 Capital Management, based in Beverly Hills. Westside paid $50.3 million for The Annex, a 132,000-square-foot building on Alla Road. The price calculates to $381 per square foot. The 5 ..read more

The Los Angeles City Planning Commission has upheld the approval of a residential project in Marina Del Rey, despite facing an appeal from neighboring homeowners, as reported by Urbanize Los Angeles. LaTerra Development, a firm known for building apartment and mixed-use complexes across L.A., is moving forward with its proposal for a six-story building, comprising 210 apartments ranging from one to three bedrooms, alongside a 282-car garage at 4112 Del Rey Avenue. The project’s approval is tied to a 35 percent density bonus incentive, allowing for a larger structure than zoning regulations wo ..read more

Hackman Capital Partners has cleared one of the tallest hurdles facing its $1.25 billion Television City project, clearing the way for the development’s full approval.  The City of Los Angeles has certified a key environmental review, known as an environmental impact report, for the firm’s 25-acre project, according to a city Planning Department ruling.  Television City, which sits opposite The Grove shopping center at 7800 Beverly Boulevard, will include about 1.74 million square feet of soundstages, offices and retail space. The firm had originally planned for an additional 150,000 ..read more

Builder’s remedy, a provision that has opened up doors to easier development in California, is finally getting attention from lawmakers.  The California State Assembly passed a bill last week that aims to create more clarity and structure around how developers can use builder’s remedy, making it the first piece of legislation to address the provision since the 1990s, when it was formed.  With builder’s remedy, cities lose the power to approve or reject housing plans that meet certain affordability thresholds if they don’t get their housing plans approved by the state by a certain dea ..read more

From one discount store to another.  Dollar Tree has lined up to buy 93 closed 99 Cents Only stores across California, after the latter chain filed for bankruptcy and is now working to sell off assets, according to the Orange County Register. It’s unclear how much Dollar Tree plans to pay for the stores.  Dollar Tree, the country’s second-largest discount chain behind Dollar General, is the winning bidder for 112 stores, 93 of which are in California. The others are spread across Arizona, Nevada and Texas.  At least 70 of the stores are in Southern California, spanning from Sant ..read more