EntertainmentTop7754 t1_j9w37j2 wrote on February 24, 2023 at 11:45 PM Reply to comment by FlaxxSeed in Pimco-Owned Office Landlord Defaults on $1.7 Billion Mortgage by downboat Why? The building didn’t do anything wrong. The Pension Fund Advisor overpaid and used the wrong capital structure (variable debt) to buy it. The bank will take it back and resell it to someone else at a revised mkt price to get their proceeds. Permalink Parent 1
EntertainmentTop7754 t1_j9w37j2 wrote
Reply to comment by FlaxxSeed in Pimco-Owned Office Landlord Defaults on $1.7 Billion Mortgage by downboat
Why? The building didn’t do anything wrong. The Pension Fund Advisor overpaid and used the wrong capital structure (variable debt) to buy it. The bank will take it back and resell it to someone else at a revised mkt price to get their proceeds.