10/30/2008

A proposed Beverly Hills luxury condominium project hangs in the balance now that U.K. developer CPC Group defaulted on a $365 million Credit Suisse Group loan for the land. Credit Suisse filed a notice of default in Los Angeles on Wednesday, the first step toward foreclosure. The project is one of three at-risk developments in Beverly Hills, and CPC's default may be indicative of broader commercial credit problems if other developers are unable to get construction loans to replace short-term loans on their projects.

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