Landmark View Defaults on $26M Loan in Los Angeles
Valley Vista Senior Living features 77 assisted living apartments and a memory care floor with 31 units
Axos Bank, the lender of the $25.5 million loan, filed notice of the default in July. The filing claims that, with interest and late fees, the mortgage on 7036-7040 Van Nuys Boulevard had swelled to $31.2 million since coming due last March, and that Landmark had fallen behind on payments, according to TRD.
Neither Landmark nor Axos responded to requests for comment for this article.
Valley Vista Senior Living, the assisted living and memory care facility, features 77 studio and 24 one-bedroom apartments, as well as a memory care floor with 23 single-occupancy units and eight double-occupancy units, according to Landmark’s website.
Landmark had plans to redevelop at least part of the property into a 65-unit apartment complex with 5,000 square feet of ground-floor restaurant and retail space, and was searching for a joint venture partner, according to a Redfin listing.
Landmark has defaulted on the property in the past, according to TRD. Western Alliance Bank filed notice of a default in 2019, claiming that Landmark had not paid nearly $20 million in debt.
Nick Trombola can be reached at NTrombola@commercialobserver.com.