Witkoff, PIMCO in Default on The Park

Steve Witkoff is Trump II's Assistant to the President and Special Envoy for Peace Missions.  His real estate firm,The Witkoff Group, defaulted on an apartment loan alongside investment giant PIMCO.  The $405 million loan was for The Park Santa Monica at 500 Broadway, which has 249 units.

Witkoff's federal financial disclosure form did not specify this property.  It did show several entities with Broadway in the name and a single Santa Monica residential real estate listing.  

One might expect a politically connected developer to make good on his debts, especially given the money Witkoff is making in various Trump associated investments.

PIMCO just closed on a giant 1.8 billion (Euros) European data center fund. 

It's not unusual for the Witkoff's and PIMCO's of the world to make a large cash distribution to sponsor before welshing on their debt.  There is no evidence of that happening in this specific case.

That said, the big money boys are hesitant to throw good money after bad.  How this apartment complex in Santa Monica turned into a financial black hole is an untold story.  

I'm sure few reporters in the business world want to dis Trump II's good friend.  That comes with serious payback, something the Witkoff Group and PIMCO decided not to do in the case of The Park.  

Loan payback, No.  Political payback, Yes.  Welcome to our world under Trump II's irreality.