Little Italy office tower in foreclosure

The lender behind the 20-story office tower at the corner of Ash Street and India Street in downtown San Diego’s Little Italy neighborhood has not only started the foreclosure process but also filed a lawsuit to either recoup millions in debt or wrest control of the building.

Assured Lenders Services, Inc., acting as trustee for Boise, Idaho-based A10 Capital, LLC, recorded a notice of default and election to sell under deed of trust for 610 W. Ash St. with the County Recorder’s Office on Dec. 19, property records show.

The document states that the building owner, West Ash Operating LLC, has not made the monthly installment payments on its $33-million loan since March 1, and lists a past-due sum of $3.1 million as of Dec. 8. The West Ash limited liability company is affiliated with Santa Fe, New Mexico-based Gemini Rosemont Commercial Real Estate. The firm is the U.S. arm of Hong-Kong-based developer Sino-Ocean Group.

The lender, A10 Capital, is simultaneously seeking the total amount owed on the loan, or more than $30 million, through the court system.

On Jan. 7, the commercial real estate lending firm filed a breach of contract lawsuit against Gemini Rosemont in San Diego Superior Court. The complaint alleges that Gemini Rosemont further violated the loan documents by entering into an unauthorized easement agreement with a neighboring property owner.

The notice of default triggers the start of a non-judicial foreclosure process and give...