Encino-based developer Landmark View has allegedly defaulted on a $25.5 million loan, thereby putting a 132-unit assisted living facility in Van Nuys at risk of foreclosure.
The lender, Axos Bank, filed a notice of default on the property at 7036-7040 Van Nuys Boulevard last July, records show. Landmark secured the original $25.5 million loan on the property in 2019. In its filing, Axos claims that the mortgage came due in March of last year and has since ballooned to nearly $31.2 million with interest and late charges. The property is now in pre-foreclosure, according to a Zillow listing.
The site houses a facility called Valley Vista Senior Living. The complex includes 77 studios and 24 one-bedroom units, according to Landmark View’s website. It also includes a “memory care” floor with 23 single-occupancy rooms and eight double-occupancy units. Rent prices at the complex start at $3,495, according to the Valley Vista website.
Landmark has pursued a redevelopment project on the site. According to a Redfin listing, the firm has plans to build a 65-unit apartment complex on the property. It’s unclear whether the proposal covers the entire site of just a portion of the complex. Plans for the six-story structure outline a unit mix of 10 three-bedrooms, 40 two-bedrooms, 15 one-bedroom apartments and 5,000 square feet of ground floor retail space. Landmark was looking for a joint venture partner for the project, according to the listing. The firm did not respond to a request for comment.
This is not the first time that a lender has filed a claim on the property. In 2019, Arizona-based Western Alliance Bank filed a notice of default on the asset, claiming that Landmark had fallen behind on a $19.2 million debt.
Landmark, headed by Abraham Iny, has several apartment properties in Van Nuys, according to its website. Its portfolio includes the Sherman Way Apartments at 13805, 13915 and 14130 Sherman Way and Valley Terrace at 13610 Vanowen Street.