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Article: Century City tower handed over to mortgage lender after default. (Century City North)
- Article from:
- Los Angeles Business Journal
- Article date:
- June 19, 1995
- Author:
CopyrightCOPYRIGHT 1995 CBJ, L.P. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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An affiliate of mortgage lender Aetna Life Insurance Co. has taken title to one of Century City's biggest office towers - the 605,657-square-foot Century City North at 10100 Santa Monica Blvd. - through a "deed in lieu of foreclosure."
The June 9 transaction is the latest in a long string of "over-financed" local commercial properties taken back by lenders.
Title records indicate Aetna has been pursuing foreclosure proceedings against the 26-story tower's former owner, a partnership affiliated with big Chicago developer/manager JMB Realty Corp.
The "notice of default" recorded on L.A. County title records last Feb. 3 states that JMB Income Properties ...