Musings of a London Property Finder

Following the Failure of Kaupthing Bank, one of Candy & Candy’s investment partners in the NoHo development in Fitzrovia and 9900 Wilshire Boulevard in Beverley Hills, it turns out that Candy & Candy have transferred their stake in the NoHo development in exchange for the equity belonging to Kaupthing in the Beverley Hills project.   The move is thought to be a key step to stabilize the future of the $1 billion development project which they now control with London restaurateur Richard Caring. 

According to The Los Angeles Times, the Candys are in default on the $365 million bridging finance loan they took out to purchase their $500 million stake in 2007.  However they have failed to secure construction finance, since the credit crunch struck.  Watch this space for more news about the Candys from the London Property Finder

http://www.latimes.com/business/la-fi-bevhills31-2008oct31,0,139088.story

Update on The Times Online – interview with the Candys

http://business.timesonline.co.uk/tol/business/movers_and_shakers/article5113713.ece

Technorati Tags: 9900 Wilshire Boulevard, Candy & Candy, Candy Brothers, Caring Candy development, Kaupthing, London Property Finder, Noho Development, Richard Caring

Tags: 9900 Wilshire Boulevard, Candy & Candy, Candy Brothers, Caring Candy development, Kaupthing, London Property Finder, Noho Development, Richard Caring