Underscoring the deepening woes in commercial real estate, a high-profile British developer has defaulted on a $365 million loan for prime land it bought in Beverly Hills last year as part of a plan to build luxury condominiums.

In recent weeks, CPC Group Ltd., founded by Christian Candy of London’s Candy & Candy development-management firm, has been roiled by the collapse of its partner in the project, Iceland’s Kaupthing Bank, which was taken over by the Icelandic government. It also has faced a lack of construction financing as banks have pulled back from a fast-deteriorating market.

CPC sought to modify or extend its loan, which matured early this month. But its efforts faltered, and Credit Suisse Group, acting as agent for a group of creditors, on Wednesday filed a notice of default in the office of the Los Angeles County registrar.

The move is the first step toward foreclosure, though it doesn’t preclude the parties from continuing negotiations toward salvaging the project. CPC bought the eight-acre site, wedged between Wilshire and Santa Monica boulevards, for $500 million in April 2007. Just four years earlier, the parcel had traded hands for less than $50 million.

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