CalPERS and its partners in the purchase of 15,000 acres of undeveloped land north of Los Angeles are in talks to restructure $1.24 billion in debt. The partnership missed a payment to the loan syndicate headed by Barclays Capital Inc., and CalPERS wants to keep the default from drifting into bankruptcy. CalPERS' investment is likely to pay off in the long run with continued growth in Southern California, said Alonzo Pedrin of the real estate research firm Alfred Gobar Associates.

Related Summaries