Marina del Rey : Lender Pays Overdue Rent
The primary lender behind the Marina City Club has stepped in and paid Los Angeles County more than half of the $859,000 in overdue rent that developer Jerome Snyder owes on the Marina del Rey project.
County officials said they received $456,845 from the Aetna Life Insurance Co. on Monday, the final deadline for payment of rent dating back to November.
Failure to make the payment by the deadline would have triggered a default that could have cost Snyder his 76-year lease on the waterfront development.
An additional $402,208 in back rent is still owed to the county and must be paid within the next several weeks or the lease will again be threatened.
Like all businesses in the publicly owned marina, the Marina City Club, with its high-rise condominiums, apartments, club facilities, dining room, restaurant and boat slips, operates on a long-term lease with the county.
A Snyder spokesman said last week that Marina City Club has been experiencing cash flow problems because of a slowdown in condominium sales and problems obtaining financing.
The Los Angeles developer also has been pressing the county for more than a year to reduce the rent charged on the athletic club part of the project.
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