KK DaVinci Holdings, which runs Japan’s biggest private real estate fund, said creditors will take control of a Tokyo property one of its funds bought from billionaire Richard Li after it failed to repay loans.

A fund run by the Tokyo-based company was unable to reach an agreement with creditors to extend loans due Sept. 25, according to a statement released today. The fund may take a charge of 13.7 billion yen ($154m), of which DaVinci may shoulder 2.3 billion yen. The company didn’t state the value of the loans or identify any of the creditors.