Marina del Rey : Marina City Club Bankrupt
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Under pressure from a key lender, the partnership behind the Marina City Club waterfront development has filed for protection under federal bankruptcy law.
Los Angeles developer Jerome Snyder said Monday that the Chapter 11 filing late last week was prompted by an inability to reach agreement with the lender, Aetna Life Insurance Co. A Los Angeles Superior Court judge last month appointed a receiver to take over the high-rise project after Snyder and associates defaulted on a $24-million loan from Aetna.
Snyder said the bankruptcy filing is intended to “put us back in control” so that an auction can be held to sell 60 remaining unsold condominium units. Snyder said the Marina del Rey project’s financial troubles do not extend to his other major developments in Los Angeles and Santa Monica.
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