Filing Alert: 620 Arkell Drive House Chapter 11

620 Arkell Drive House, LLC and its debtor affiliate⁽¹⁾, a Sherman Oaks, CA-based single asset real estate company that owns an 18,400 sq. ft. Class A contemporary estate in Beverly Hills, currently listed for $100 million, filed for Chapter 11 protection on May 2 in the U.S. Bankruptcy Court for the Central District of California.

The filing stems from a dispute involving its primary secured lender, LA Buyer, LLC, which holds a $27.6 million claim secured by the Beverly Hills property. The dispute reportedly originated with the prior lender, Axos Bank, concerning loan renewal terms before the loan was transferred to LA Buyer, LLC. The debtor states it contemplated litigation against the lenders prepetition. The company is owned and managed by Eli Sasson and shares common ownership with affiliate Woodland Investment Group, which filed its own Chapter 11 petition on the same day.

The company reports $100 million in assets and $27.9 million in liabilities. The filing indicates that there will be funds available for distribution to unsecured creditors. The case number is 25-10774.

⁽¹⁾ Woodland Investment Group, LLC.

Key Parties

Counsel:

• Michael Jay Berger
• Law Offices of Michael Jay Berger
• Email: michael.berger@bankruptcypower.com

Signatories:

• Eli Sasson – Managing Member

Equity Security Holders:

• Eli Sasson Living TR DTD 12/11/12 – 100.0% Equity Interest

Bondoro Insights is continuing to monitor this case and will provide further coverage as appropriate.

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