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 February 20, 2009

Downtown San Diego Building May Become First to Fall
A downtown San Diego building, the Equitable Building, is in financial crisis mode. The group that owns the landmark building is doing everything they can to keep the property. The building boasts thirty-three stories and is currently, only have full.
The building was originally purchased in '07 by an investment group based out of San Diego, for nearly sixty million dollars. Unfortunately, they are having trouble meeting certain allowances for adding improvements and office upgrades. Since the group made their purchase, the overall value, of the building, has dropped more than twenty-five percent in just a couple of years.

As of now, the group is looking to refinance with their lender. They are already financing several properties through the same lender, so an agreement is expected very soon. If an agreement is not reached and the property is returned, it could become one of the first, if not the first, major local building to fall to the economic crisis.