JOURNAL ARTICLE

Pimco, Witkoff Firm Default on $400 Million LA Apartment Complex.

  • Published In: Bloomberg.com, 2025. P. N.PAG 1 of 3

  • Database: Business Source Ultimate 2 of 3

  • Authored By: Farr, Isabella; Gittelsohn, John 3 of 3

Abstract

The article focuses on the default of Pacific Investment Management Co. (Pimco) and Witkoff Group on a loan exceeding $400 million for The Park Santa Monica, a luxury apartment complex in Santa Monica, California. Pimco holds 98.5% equity in the property, while Witkoff Group, founded by Steve Witkoff, owns the remaining 1.5%. The loan, initially $324 million in 2021, increased to $405 million in November 2022 and was due for repayment in July 2023, with the total amount rising to approximately $439.5 million by November 10, 2023. The article notes that defaults on commercial real estate debt have risen due to increased interest rates and declining property values. [Extracted from the article]

Additional Information

  • Source:Bloomberg.com. 2025/12, pN.PAG
  • Document Type:Article
  • Subject Area:Business and Management
  • Publication Date:2025
  • Accession Number:190382824
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