Finance  ·  Distress

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

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Landmark View has defaulted on a multimillion-dollar loan, putting an assisted living facility in Los Angeles’ San Fernando Valley into pre-foreclosure, according to reporting by The Real Deal.

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.

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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.