TA Partners filed for bankruptcy after facing distress, with defaults on almost $200 million in loans for projects in Irvine. The recent filing is related to a Playa Vista development site where a 452-unit residential complex was once planned.
The bankruptcy documentation pertains to a property at 6055 West Center Drive in Playa Vista. TA Partners shifted plans from a 452-unit to a 545-unit residential complex. The site has an assessed value of $124 million with claims totaling $27.8 million.
TA Partners, led by Johnny Lu, previously stated the portfolio value at $2 billion with nine ongoing projects in Los Angeles. The firm faced default accusations on loans backed by properties in Irvine, involving a total of 658 units.
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