Friday, May 25, 2012
Investor Buys L Street Lofts
Nearly a year after developer Sotiris Kolokotronis mixed-use loft project at 18th and L streets failed to find a buyer in a foreclosure auction on the Sacramento courthouse steps, a southern California investor has paid $21.5 million for most of the L Street Lofts in midtown. The project was originally built for $55 million and sold 22 of the 92-unit condominium before a suit was filed in 2009 to foreclose. The now defunct La Jolla Bank, which made a $33 million loan to construct the L Street Lofts was shut down by federal regulators in 2010 and its assets were purchased last year by OneWest Bank.
Source: Sacramento Business Journal