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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 […]

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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.

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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 […]

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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 Some of the properties foreclosed on today as part of a loan originally made by UBS include: San Francisco 2642 Gough Street – 6 Units 2011 […]

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$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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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San Francisco Magazine Covers The Lembi Fallout

December 7, 2009

Tweet The Lembi story in San Francisco is not a new story. The family, through Trophy Properties, Skyline Realty, and CitiApartments, was at one point was the largest owner of apartment buildings in the city. The group controlled over 8,000 apartment units at the peak, using extremely high amounts of leverage to acquire them. Notice […]

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