February 1, 2009
...Though careful to note that he is not familiar with Santee Village in particular, Gary Painter, director of research for USC's Lusk Center for Real Estate, said the situation sounds typical of a project that fails to meet its anticipated sales figures.
"My guess is they tried to rework their loan, but they just weren't able to get an agreement on that," he said. "This is happening in a lot of places right now, and not just in Los Angeles."...