Read previewMichael Shvo, who shot to prominence in recent years buying billions of dollars of trophy real estate assets, has defaulted on the debt connected to a luxury condo building in Los Angeles.
The site was purchased in 2019 by a group of investors that included Shvo, Bilgili Group, and Deutsche Finance.
It has hired the real estate services firm Newmark to market the offering to investors and arrange a transaction.
AdvertisementShvo purchased $3 billion of prominent real estate assets, including the Transamerica Pyramid building in San Francisco and 711 Fifth Ave. in Manhattan.
In previous statements, a spokeswoman explained that BVK's investments with Shvo were handled through intermediaries, including Deutsche Finance and another German financial firm, Universal Investment.
Persons:
—, Michael Shvo, –, Serdar, Newmark, Shvo, BVK
Organizations:
Service, Los, Los Angeles Recorder's Office, Acore, Beverly, Business, Bilgili, Deutsche Finance, Bayerische, Bilgili Group, Shvo, BVK, Biligili, Core, Universal Investment
Locations:
Los Angeles, Beverly Hills, Munich, San Francisco, Manhattan, Beverly, New York