Veritas: Loans on LA Portfolio Remain in Good Financial Health

Industry reporting recently characterized loans on properties managed by Veritas Investments in Los Angeles as not being in good standing. However, the company has reiterated that these LA loans are current and always have been in good standing. They are also fully compliant with all lender-required covenants on the portfolio’s loans with its lender, MF1. The firm has committed to extending the loan maturities to 2025 without any covenant testing; previous industry reports inaccurately cited information about two of these loans including number of properties, outstanding loan balance and rate cap percentages. Veritas stated they remain committed to extending their LA Loans without requiring DSCR testing for extension purposes.