Notably, one of the four buildings is the embattled Barrington Plaza, one of the biggest multifamily complexes in West Los Angeles that has been the center of a tenant lawsuit against Douglas Emmett over mass evictions.
For the portion [of the loan] secured by Barrington Plaza, in connection with the removal of that property from the rental market, we deposited $13.3 million of cash into an interest-bearing collateral account with the lender, according to the filing. The lender is treating the loan as a construction loan and we signed a construction completion guarantee, Douglas Emmett added.
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