Mayor Garcetti calls for "Peer Accounting" of the Proposed CD 14 Wyvernwood Development

What are the "Political Motivations" behind the proposal from Mayor Eric Garcetti to have the Fifteen Group finance an independent "peer review and analysis" of its proposed Wyvernwood Garden Apartments Redevelopment Project?

 The Historic Wyvernwood Apartment Complex in Boyle Heights.

City Administrative Officer report 0220-00540-1080, dated February 28, 2014, relative to a request for accounting authority in relation to a peer review and analysis of the Wyvernwood Garden Apartments redevelopment proposal.

We bloggin love when one of our CD-14-centric, political satires take on an aura of reality, especially when it involves City Clowncil Central Committee Member Jose Huizar, the Historic Wyvernwood Apartments and their current owners "The Fifteen Group".

The connection of Clowncil Central Committee Member Huizar to The Fifteen Group has been the bloggin foundation for our annual "Super Bowl with Huizzy Contest" as we yearly revisited the "Dear Charro, Princeton Graduate's" alleged trip to Miami in 2007 (via American Airlines?) to partake in Super Bowl festivities, compliments of the current owners of the Wyvernwood Apartments (** BTW, what the "Dear Charro, Princeton Graduate" allegedly returned with to share with "Political Papi Tony V.", in his carry-on bag, may interest the real persona behind "Rocky Patel", but I digress).

Yet, the fact today that Mayor Garcetti would want to take jurisdiction over a comprehensive "peer review and analysis" of the controversial project, is bound to cause those intuitive political observers to ponder whether Mayor Garcetti is merely playing post-mayoral campaign politics, with his defeated opponent's supporter, or is this accounting exercise really going to expose some nefarious "Miami dealings", that may help a certain 2015 Challenger to the "Dear Charro, Princeton Graduate's" reelection hopes?

Your thoughts ..............

Scott Johnson in CD 14  

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 ??