CD-14's Wyvernwood Apartments in "Financial Distress" ??

It seems that City Councilman Jose Huizar's past, supposed Super Bowl Host, "The Fifteen Group" have some financial issues.

Excerpts from the Eastern Group Publications.

Wyvernwood had been named as a “distressed property” on a commercial real estate website and loan default is imminent, said the Comite de la Esperanza, the Wyvernwood Garden Apartment neighborhood association, at their last meeting on April 27.

Lawyer Elena Popp, who represents the Comite, told attendees that it was not confirmed that the company had financial problems but it was possible.

According to a press release sent by Popp, Co-Star Inc. which advertises itself as the number one commercial real estate information company, had reported the following about Fifteen Group on January 14:

“The loan was transferred to the special servicing department based on correspondence from the borrower indicating an imminent default. The owners requested a modification and/or forbearance period under the loan.”

Tim Trainor, spokesman for Co-Star Inc., confirmed the information, saying Co-Star was just reporting what the credit agency reported, that it was one of the largest loans placed in servicing that quarter.

At the Comite meeting, Popp explained that the real estate company reported lists on large properties at risk of defaulting.

“In January, [Fifteen Group] company appeared on the list, what it said was—not that they had defaulted on their loan, because they were still current—but they had sent a letter to the bank indicating that it was possible that they would miss payments and asked for a forbearance period under the loan,” explained Popp.

Popp said many large companies had overextended themselves and when the economic crisis hit, they had more debt and loans than money.

......just wondering if we won't be seeing condos towers in "Southern Boyle Heights" in the near future ??