Brookfield Walks Away From Beaudry Tower Debt
The Los Angeles apartment owner declined to refinance about $360 million in debt on the 785-unit downtown tower.
Updated on Nov. 3, 2026 in Commercial
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Brookfield declined to refinance roughly $360 million in debt on the 785-unit Beaudry tower in downtown Los Angeles. Bridge Investment Group, owned by Apollo, is working to sell the loan.
Why it matters
Borrowing costs have effectively wiped out Brookfield's equity in the property, a sign of strain for Los Angeles apartment owners facing higher refinancing rates. Renters in downtown Los Angeles may see the property's ownership and financing change hands.
The Beaudry, a 785-unit tower at 960 West Seventh Street, cost $600 million to develop and opened in April 2023. About $360 million in debt was left unrefinanced, and the buyer of the loan has not been named.
The players
Brookfield
Brookfield is a global asset manager that owned and developed the Beaudry tower in downtown Los Angeles.
Bridge Investment Group
Bridge Investment Group is a real estate investment firm owned by Apollo that holds the Beaudry loan and is working to sell it.
The details
Brookfield opted not to refinance roughly $360 million in debt on the Beaudry, and Bridge Investment Group is working to sell the loan. Downtown Los Angeles apartment rents have recently recovered to 2019 levels even as office vacancy remains roughly double its pre-pandemic level.
Timeline
April 2023: The Beaudry tower opened to residents.
November 3, 2026: Brookfield's exit from the Beaudry was reported.
2026 to 2028: Nearly half of apartment debt maturities come due.
Market Landscape
Multifamily delinquency rates in commercial mortgage-backed securities climbed from 1 percent in October 2023 to 7.1 percent this year. The Beaudry decision is one example of that stress reaching individual downtown Los Angeles apartment towers as nearly half of apartment debt maturities come due by 2028.
Renters in the Beaudry, a 785-unit tower at 960 West Seventh Street, may face changes in ownership or management as the loan is sold. Downtown Los Angeles renters are currently seeing asking rents near $4,200 a month alongside weeks of free rent offers.
The takeaway
Higher borrowing costs are pressing on apartment owners who financed during cheaper years, and downtown Los Angeles renters should watch how ownership of the Beaudry changes hands. Property debt stress can shift management and rent terms even at well-occupied buildings.
Further reading
For more on the commercial property market, see Commercial real estate coverage in Los Angeles.
Source note: This article includes information reported by The Real Deal New York.
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