In 2024, over $21 billion of commercial mortgage-backed securities tied to properties in Los Angeles and Orange counties came due, with half on watchlists.
The Santa Monica Place shopping center saw occupancy drop from 95% pre-pandemic to 81% by 2022, leading to a $300 million loan default.
By the end of 2024, more than 10% of CMBS loans tied to office properties nationwide were delinquent, reflecting widespread struggles in commercial real estate.
Edward J. Minskoff Equities sold its Playa Vista office complex for a fraction of its 2016 value, showcasing the difficulties plaguing various commercial sectors.
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