Oscar De La Hoya has defaulted on a $27 million loan connected to an office building he owns in downtown Los Angeles – and which includes the headquarters for his Golden Boy Promotions.
The Real Deal, a real estate news website, reports that De La Hoya owes nearly $23 million and missed a deadline for repaying the loan. The building could be foreclosed on. De La Hoya is hoping to avoid that by requesting that the terms of the loan be changed.
Commercial real estate in general is struggling nationwide, with developers and landlords struggling to find or retain tenants, and therefore lacking enough revenue to cover their loan payments. This 12-story building is 150,000 square feet and is 40% vacant. Golden Boy’s headquarters account for 7% of the building…