Beacon Defaults On $678M Loans Backed By London Building

Law360, New York (February 17, 2012, 4:02 PM EST) -- A fund managed by Boston-based real estate investment firm Beacon Capital Partners Inc. has defaulted on $678 million in loans secured by a London skyscraper, according a regulatory filing Wednesday.

Ulysses (European Loan Conduit No. 27) PLC, which issued bonds backed by the loans, said in a filing with the Irish Stock Exchange that borrower CityPoint Holdings I Ltd., one of Beacon's funds, missed an interest payment that was due Jan. 20.

The loan was backed by CityPoint, a 36-floor tower owned by Beacon in northern...
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