Pimco, Witkoff Firm Default on $400 Million LA Apartment Complex

Pacific Investment Management Co. and Witkoff Group, the real estate developer founded by US special envoy Steve Witkoff, are in default on a $400 million-plus loan tied to a luxury apartment complex in Santa Monica, California, according to a notice filed with Los Angeles County.

The loan is linked to The Park Santa Monica, a 249-unit development at 500 Broadway in the heart of the beach city’s downtown, according to a website for the property.