Let The Feeding Frenzy Begin: Parkmerced In Default
May 26, 2010
Tweet Multifamily investors have been and continue to run around like addicts looking for their next fix. So surely there will be a frenzy to get a chomp at the bit of Parkmerced, the 116-acre San Francisco apartment community which has apparently gone to special servicing. Parkmerced is essentially the StuyTown of San Francisco. [via [...]
Read More >>Westbrook Partners Gets a Deal on Four Seasons
March 22, 2010
Tweet Westbrook Partners has moved in to the aid of Millennium Partners, including the San Francisco Four Seasons which was in foreclosure. The deal is seemingly a good one for Westbrook but what this deal signals is that the market was shifting. Banks, which for some time were unfit and/or unsure of what to do [...]
Read More >>Golden State Portfolio Hits The Market
March 2, 2010
Tweet Back in December, CBRE won the pony show to sell off a 7 million square feet portfolio of our property. It’s officially hit the market and just in time for IOU’s.
Read More >>Transbay Joint Powers Closes on $171M Loan
January 27, 2010
Tweet The Transbay Joint Powers Authority has closed on a $171M federal loan to help it kickstart the massive Transbay Terminal project in San Francisco. This is a good step in the right direction, though additional funding multiples the size of this loan will ultimately be needed. The entire project will likely end up costing [...]
Read More >>Tribeca Forecloses on Lembi Buildings
December 30, 2009
Tweet The saga continues….Lembi subsidiary Trophy Properties has given several more properties back to Tribeca. Trophy Properties has lost a few more properties in the city and the peninsula. Some of the properties foreclosed on today as part of a loan originally made by UBS include: San Francisco 2642 Gough Street – 6 Units 2011 [...]
Read More >>$30M For Circque De Soleil
December 29, 2009
Tweet The LA Times has an article out discussing the CIM Group and the investments and loans it has attracted. Locally, CIM has been a fairly active player in the region over the past few years. In San Jose it is known best for being part of the team behind Tower 88. This spring CIM [...]
Read More >>WSJ on San Francisco Real Estate
December 28, 2009
Tweet Nothing new here, but WSJ has an article focused in on the San Francisco office market. It’s a different kind of commercial-property slump from earlier this decade, however. While office rents collapsed after the dot-com bust, rents are holding steadier this time. Asking lease rates peaked at $67.73 a square foot in downtown San [...]
Read More >>More News About Morgan Stanley’s SF Woes
December 17, 2009
Tweet We previously discussed the hand back of the keys by Morgan Stanley on some of their SF assets (here and here), but Bloomberg is now out with an article. Not much new, but now Bloomberg lends some credibility. The San Francisco transfer would mark the second real estate deal to unravel this year for [...]
Read More >>Lembi Fallout Hitting Tamalpais Bank Hard
December 10, 2009
Tweet San Francisco magazine is out with a detailed update on the Lembi apartment fiasco in SF, replete with attachments and all. Tamalpais Bank made most of the Lembi loans between December 2007 and April 2008. In spring 2008, the bank’s parent company announced record earnings and assets, propelled in part by expansion of its [...]
Read More >>Morgan Stanley Handing Back 1.2M Square Feet of SF Assets
December 9, 2009
Tweet As we indicated last month, Morgan Stanley is handing back the keys on billions of dollars worth (former worth, that is) of Class A San Francisco property. The properties are going back to the mezzanine lender, AREA Property Partners. The question now is what is AREA going to do with the assets considering that [...]
Read More >>