Citibank Forced to Resume Lending on Failed Mall Project
November 18, 2009
If a court in New York can come to this conclusion, can a court in California come to the same? That would probably be something Peter Pau and RREEF, developers behind the Sunnyvale Town Center that is headed to foreclosure want to know. Regardless, this is a huge decision by the NY court because it [...]
Read More >>RREEF, RREEF, and RREEF
October 19, 2009
The Registry has three recent articles out, all of them hitting on RREEF. The first article discusses the SF Employee Pension, and the hit they’ve taken on their real estate investments – to the tune of about $650M.
The most significant unrealized net-asset value losses occurred in three portfolios managed by three well-known pension fund money [...]
Sunnyvale Town Center Goes Into Receivership
October 8, 2009
The Business Journal is reporting that receivers and advisors have been named on the Sunnyvale Town Center project.
Jerry Hunt, president of Blake Hunt Ventures of Danville, and Quattro Realty Group were appointed as receivers.
Meanwhile, Wilson Meany Sullivan, developer of The 88 condominium tower in San Jose, and Federal Realty Investment Trust, the developer of Santana [...]
Hammer Dropping on Sunnyvale Town Center
September 9, 2009
Wachovia will be pursuing foreclosure of the massive Sunnyvale Town Center project. Meanwhile, contractors and subs have lined up and filed liens against the massive Sunnyvale project – and DevCon, the general also has filed to force a sale.
Wachovia has about $120M into the deal, while RREEF and Sand Hill have about $200M into it. [...]
NAILED: Sunnyvale Town Center
August 28, 2009
Sunnyvale Town Center is in a world of hurt. Lenders have pulled the plug on financing, and contractors are filing mechanic’s liens like they’re going out of style.
This trouble has been looming for some time. RREEF and Peter Pau of Sand Hill Property Co. took the property down back in Q2 of 2007 for some [...]
Stockbridge Seeking Deal To Takeover Fund That Acquired Peery/Arrillaga Portfolio
August 20, 2009
Stockbridge is seeking a deal to take over the management of the $2.6B RREEF America REIT III real estate fund. This is the same fund that acquired the 119 office and research and development properties from Peery/Arrillaga which we raised questions about last month, as well as the Sunnyvale Town Center project which construction has been [...]
Read More >>Lobbying Congress For Help
May 22, 2009
Absolutely Classic:
U.S. Rep. Zoe Lofgren, D-San Jose, sent letters to Kenneth Lewis, president of the Bank of America, and John Stumpf, president of Wells Fargo, dated May 7, asking them to explain why they refused to give Pau and partner RREEF a $391 million construction loan.
“Although I understand and respect your position as private institutions, [...]
Sunnyvale City Center In Trouble – Developer Wants To Convert to Public-Private Partnership!
May 12, 2009
The developers behind Sunnyvale City Center have run into a brick wall as far as financing is concerned, and now they want the government’s help to get the project back on track. The Mercury News is quoting Peter Pau, the principal behind Sand Hill Property Company as wanting the city to essentially act as a [...]
Read More >>Signs of Life at Moffett Towers in Sunnyvale
June 3, 2008
Moffett Towers, Jay Paul Company’s massive office project at the intersection of Highway 237 and Highway 101 in Sunnyvale has been on the prowl for tenants since before it broke ground two years ago. Since then, there haven’t been any reports of any tenants signing up to take the space.
Initially Jay Paul brought the project [...]
