February 17, 2016
The Ratkovich Company says reports are untrue of a crumbling financial foundation for The Bloc, a mixed-use project that the company is currently redeveloping in DTLA. Upon acquiring the property in 2013, Ratkovich assumed an existing 10-year CMBS loan, set to mature in April 2016. As a precaution for any delays in closing a new loan, Ratkovich says it requested a short-term extension on the existing 10-year CMBS loan.
“This request triggered the engagement of a special servicer to assist with the extension,” The Ratkovich Co. said in a statement. “A new, more favorable loan, replacing the existing loan, is in the process of being documented, and is set to close prior to the maturity date of the existing indebtedness.”
The Los Angeles-based firm notes its partnership team, that includes National Real Estate Advisors and Blue Vista Capital, is strong and still very much committed to The Bloc, which is scheduled to open this summer.