Industry reporting recently characterized loans on properties managed by Veritas Investments in Los Angeles as not being in good standing. However, the firm reiterated that these LA loans are current and always have been in good standing. They stated they are fully compliant with all lender-required covenants on the LA portfolio’s loan with its lender, MF1, and committed to extending the loan maturities to 2025 without any covenant testing. It was noted that previous industry reporting inaccurately cited information about two of these loans including number of properties, outstanding loan balance and rate cap percentages.
Veritas said it is “committed to extending the LA loans” without requiring DSCR testing for such an extension. This commitment demonstrates their long-term investment horizon and strong belief in Los Angeles’ growth potential despite recent reports suggesting otherwise.
