One of the biggest landlords in Los Angeles is handing over the keys to lenders for nearly half of its Los Angeles County portfolio.
WS Communities is signing off on deeds-in-lieu of foreclosure on 28 multifamily buildings and development sites, encompassing about $1.1B in debt.
Madison Realty Capital assumed control of 20 properties, with Hankey Capital taking six buildings and Lightstone Capital taking over three properties. Madison and Lightstone are based in NYC, according to a report in TheRealDeal.
Dees-in-lieu encompass more than 870 units, with WS Communities remaining portfolio totally about 1,100 units.
In Los Angeles and Orange County, an estimated $21B in debt back by commercial real estate is scheduled to mature in 2024, which is a bit less than the $30B that came due last year in those two markets, according to Morningstar Credit Analytics data. The debt coming due is tied to 400 properties, and nearly $3B has been paid off.
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