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group of investors led by Michael Shvo defaulted on a $200 million loan linked to dozens of condos in Beverly Hills' Mandarin Oriental Residences. The complex, which has 54 units and was completed in May, sold 10 condos for an average of over $3,200 per square foot. The prices ranged from $3.7 million to $11.2 million last year, according to The Real Deal. The brokerage firm overseeing the sale, Newmark, did not disclose the prices for the remaining condos. Acore Capital filed a default notice last month, reserving its right to foreclose on the property. The notice states that the Shvo-led group owes just over $200 million. The bulk sale includes 6,000 square feet of ground-floor shops. The ownership group chose to work with the lender to market the remaining units in a bulk sale instead of arranging financing with JP Morgan. The condos for sale average about 2,600 square feet and range from one-bedroom units to four-bedroom penthouses. Michael Shvo bought the property for $130 million in 2019, and secured a $190 million loan from Acore Capital for the condo project south of Wilshire Boulevard. Shvo is known for super luxe projects, but reports indicate that the buyer pool for such properties is shallow. In Manhattan, a Mandarin Oriental-branded project that Shvo and partners acquired last year had sold only 14 units as of June, with two more under contract at that time. In San Francisco, Shvo's firm laid off staffers despite having two projects in progress in the market.