| Auto dealership in Culver City (L.A.), CA lost its GM tenant and ceased making debt-service payments. Site inspection revealed property in fair condition. Borrower asking for short sale but 4 sponsors are full-recourse and apparently of substantial means. Full recovery being pursued, including judicial foreclosure and initiation of suit on guaranty. Meeting with borrower on August 26, 2009 revealed new lease for 50% of space with fitness center almost executed. A second tenant for the balance is "in the works".
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