I do not think a wound up is on cards.The two loans mentioned...

I do not think a wound up is on cards.
The two loans mentioned are non-recourse, the lender can not grab the other properties to make up the deficit.

Unless AJA agrees to cross guarantee, most likely outcome IMO will be that AJA will default on the two loans and hand them over to the lender.

All remaining loans are manageable, although AJA is required to pay interest and also pay back some principal, thus reducing the lenders risk. This means there will be less money to pay distributions. So far AJA only committed itself to one distribution of 10c per security for the forthcoming year, if there will be another depends on what sort of the deal they manage to negotiate on he loans due.