Onni: Pasadena Shopping Center Trades in Loan Sale for $103M Following Default

Onni Group has acquired a distressed Southern California outdoor shopping center for $103 million after taking ownership of the defaulted loan on the property, Commercial Observer has learned. The developer purchased The Paseo in Pasadena, Calif., via a deed-in-lieu, after simultaneously acquiring the property's defaulted debt from Granite Point Mortgage Trust roughly 12 months ago, [...]