Loans on properties managed by Veritas Investments in Los Angeles were recently characterized by industry reporting as not being in good standing. However, Veritas reiterated to Connect CRE, “We are fortunate to have well-capitalized partners with a long-term investment horizon and a strong belief in LA’s growth potential. These LA loans are, and always have been, current and in good standing.”

The company said it’s in full compliance with all lender-required covenants on the LA portfolio’s loans with its lender, MF1, and it has committed to extending the loans per its right to extend the loan maturities to 2025 without any covenant testing. Previous industry reporting incorrectly cited information about the two loans with inaccuracies including number of properties, outstanding loan balance and rate cap percentages.

“We are committed to extending the LA loans and our extension does not require any DSCR testing to do so,” said the firm. 

Connect Orange County will take place Sept. 27, 2023 at VEA | Newport Beach Marriott in Newport Beach, concurrently with Connect Healthcare Real Estate on Sept. 27 and 28. Click here to register for Connect Orange County, and here to register for Connect Healthcare Real Estate.