Sixty Collective, after struggles to settle a $38 million loan for Sixty Beverly Hills, secured a fourth extension until August 2026, imposing harsher terms.
The latest loan agreement includes a $3 million paydown, raised interest rates, and a recourse liability of 10% of the principal balance, reflecting the increased risk.
Initially opened in 2017, Sixty Beverly Hills faced financial hurdles post-pandemic, leading to multiple extensions and special servicing of the loan due to inability to pay.
Despite plans to refinance the loan through another lender, this deal fell through, resulting in a further extension from Natixis under much stricter conditions.
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