(AP) -- Korean Airlines plans to build a $1 billion skyscraper in downtown Los Angeles that promises to be the West's tallest building.
The Los Angeles Times reported the 73-story tower at Wilshire Boulevard and Figueroa Street will house a hotel and offices.
Korean Airlines has owned the current hotel on the land, the Wilshire Grand Hotel, since 1989 and has already begun dismantling the 1950s-era building.
The tower is expected to open in 2017, and will house three floors of restaurants and shops topped by 30 floors of offices for rent, and above that 900 hotel rooms and a restaurant on the 71st floor.
Korean Air is the flagship company for Hanjin Group, which generates $20 billion in revenue annually from a broad variety of investments.
Commercial loan survey
SACRAMENTO -– According to the latest California Commercial Loan Delinquency Survey, conducted by the California Mortgage Bankers Association (CMBA), the delinquency rate for the fourth quarter of 2012 decreased to 0.21 percent, falling from the previous quarter's rate of 0.35 percent.
The survey finds that just 16 loans, totaling $88.9 million, were two or more payments past due.
Ten of the 14 mortgage banking firms in the survey reported zero delinquencies and the survey includes $46.1 billion of commercial/multifamily loans, most of which are not securitized.
Of the 16 delinquent loans, the five largest are all land loans, ranging from $4.5 million to $21.3 million.
The delinquent income property loans are a $3.8 million apartment loan in Solano County, five small warehouse/industrial loans totaling $9.2 million, a $1.2 million office building in Contra Costa County, and a $1 million hospitality loan.
The balance of the 16 delinquent loans consists of two other smaller land loans.
Two of the 16 delinquent loans were reported as being in foreclosure: a $19 million land loan in San Diego County, and the aforementioned $3.8 million apartment loan.
There were zero delinquent R&D loans reported. Additionally, zero mobile home park loans were reported delinquent, as has been the case since the survey began in 1990.
By number, the 16 loans represent 0.39 percent of the 4,189 loans surveyed.
Investing in SoCal
NEWPORT BEACH -- Isles Ranch Partners LLC, an alternative investment management firm, announced it has recently completed four real estate acquisitions in Rancho Santa Fe, Carlsbad and Lakeside in San Diego County, and in Palm Springs.
The acquisitions, totaling approximately $50 million of committed capital, were closed through a strategic partnership between Isles Ranch and TPG Credit Management L.P., a special situations investment organization. The four acquisitions were closed with three different homebuilding operating partners.
The four deals include:
* The Farms in Ranch Santa Fe: acquisition in partnership with The Michael Group of seven substantially finished single-family lots at The Farms in Rancho Santa Fe.
* Greenhills Ranch: acquisition in partnership with The Michael Group of 31 fully and partially finished single-family lots at Greenhills Ranch in Lakeside.
* La Costa Town Square: acquisition in partnership with Davidson Communities of 63 single-family lots at La Costa Town Square in Carlsbad.
* Palm Springs: Acquisition in partnership with Family Development of 46 undeveloped single-family lots.
Founded in August 2012, Newport Beach-based Isles Ranch is currently capitalized to invest over $200 million. Tom Orradre is the founder and managing partner.