Kevin V. Nguyen

Thirteen years ago, Veritas Investments took advantage of the fallout from the Great Recession to start snapping up San Francisco homes by the thousands at a steep discount.&nbsp;

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Thirteen years ago, Veritas Investments took advantage of the fallout from the Great Recession to start snapping up San Francisco homes by the thousands at a steep discount.&nbsp;

Fueled by a combination of private equity investment and lots of debt, Veritas continued its buying spree in the years that followed—eventually becoming the city’s largest residential landlord by 2016.

Fueled by a combination of private equity investment and lots of debt, Veritas continued its buying spree in the years that followed—eventually becoming the city’s largest residential landlord by 2016.

Now, amid a pandemic-induced real estate crash, a new outfit is poised to take Veritas’ place. Another opportunistic group—this time, a partnership between Ballast Investments and Brookfield Properties—has swooped in to buy up nearly $1 billion of mortgages that Veritas had defaulted on, public records show.

Now, amid a pandemic-induced real estate crash, a new outfit is poised to take Veritas’ place. Another opportunistic group—this time, a partnership between Ballast Investments and Brookfield Properties—has swooped in to buy up nearly $1 billion of mortgages that Veritas had defaulted on, public records show.

As a result, over 2,100 units across 76 apartment buildings in the city will have a new owner by the month’s end. While the foreclosed properties are technically on the market, industry observers say it’s most likely Ballast and Brookfield will just assume ownership of the buildings themselves, as they are now effectively Veritas’s lender.&nbsp;

As a result, over 2,100 units across 76 apartment buildings in the city will have a new owner by the month’s end. While the foreclosed properties are technically on the market, industry observers say it’s most likely Ballast and Brookfield will just assume ownership of the buildings themselves, as they are now effectively Veritas’s lender.&nbsp;

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It is not immediately clear how much Ballast and its capital partner Brookfield paid for this latest mortgage package, previously valued at a combined $915 million. The two transactions were recorded with the Assessor’s Office on Dec. 28.&nbsp;

It is not immediately clear how much Ballast and its capital partner Brookfield paid for this latest mortgage package, previously valued at a combined $915 million. The two transactions were recorded with the Assessor’s Office on Dec. 28.&nbsp;

Both firms did not respond to requests for comment. A spokesperson for Veritas declined to comment.&nbsp;

Both firms did not respond to requests for comment. A spokesperson for Veritas declined to comment.&nbsp;

Veritas has continued to shed properties that it can no longer afford to pay for. In November, it <a href="https://www.bizjournals.com/sanfrancisco/news/2023/11/27/prado-veritas-deed-in-lieu.html">opted to hand over 20 other residential buildings</a> to SF-based Prado Group, which purchased a similarly distressed but smaller portfolio of mortgages.&nbsp;

Veritas has continued to shed properties that it can no longer afford to pay for. In November, it <a href="https://www.bizjournals.com/sanfrancisco/news/2023/11/27/prado-veritas-deed-in-lieu.html">opted to hand over 20 other residential buildings</a> to SF-based Prado Group, which purchased a similarly distressed but smaller portfolio of mortgages.&nbsp;

<h2 class="wp-block-heading" id="h-familiar-faces">Familiar Faces</h2>

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<h2 class="wp-block-heading" id="h-familiar-faces">Familiar Faces</h2>

Brookfield Properties might sound familiar to those following recent San Francisco real estate developments, ironically for giving up one of its iconic properties. Over the summer, the Canadian firm, along with its partner Westfield, stopped making payments on a $558 million loan and <a href="https://sfstandard.com/2023/06/12/westfield-gives-up-downtown-san-francisco-mall/">gave up the San Francisco Centre</a> mall to its lenders.&nbsp;&nbsp;

Westfield gives up downtown San Francisco mall

Brookfield Properties might sound familiar to those following recent San Francisco real estate developments, ironically for giving up one of its iconic properties. Over the summer, the Canadian firm, along with its partner Westfield, stopped making payments on a $558 million loan and <a href="https://sfstandard.com/2023/06/12/westfield-gives-up-downtown-san-francisco-mall/">gave up the San Francisco Centre</a> mall to its lenders.&nbsp;&nbsp;

Meanwhile, the company is also pursuing a <a href="https://sfstandard.com/2023/12/14/san-franciscos-stonestown-mall-redevelopment-new-housing/">massive mixed-use redevelopment</a> of the area around the <a href="https://sfstandard.com/2023/10/06/san-francisco-stonestown-japanese-retail-shopping/">Stonestown Galleria</a> mall, where it hopes to build up to 3,500 new homes, a 200-room hotel and six acres of open park space. One of Brookfield’s other major developments is 5M, <a href="https://www.bizjournals.com/sanfrancisco/news/2022/03/02/brookfield-properties-hosts-ribbon-cutting-at-5m.html">a mixed-use development in SoMa</a> which has an office tower that is currently more than 90% vacant.&nbsp;

San Francisco&#8217;s Stonestown mall could get 3,500 new homes under revised redevelopment plan

Stonestown Galleria has quietly become San Francisco&#8217;s second Japantown

Meanwhile, the company is also pursuing a <a href="https://sfstandard.com/2023/12/14/san-franciscos-stonestown-mall-redevelopment-new-housing/">massive mixed-use redevelopment</a> of the area around the <a href="https://sfstandard.com/2023/10/06/san-francisco-stonestown-japanese-retail-shopping/">Stonestown Galleria</a> mall, where it hopes to build up to 3,500 new homes, a 200-room hotel and six acres of open park space. One of Brookfield’s other major developments is 5M, <a href="https://www.bizjournals.com/sanfrancisco/news/2022/03/02/brookfield-properties-hosts-ribbon-cutting-at-5m.html">a mixed-use development in SoMa</a> which has an office tower that is currently more than 90% vacant.&nbsp;

A rendering depicts public green space at the redeveloped Stonestown Galleria.

<figure class="wp-block-image size-large"><img height="1407" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2023/12/5-stonestown-greenway-proposed-credit-brookfield-properties.jpg?w=2500" alt="A grassy lawn with trees and sidewalks is surrounded by buildings boasting housing." class="wp-image-231111"/><figcaption class="wp-element-caption">A rendering shows Brookfield&#8217;s proposed public green space at the redeveloped Stonestown Galleria.</figcaption></figure>

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<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/12/5-stonestown-greenway-proposed-credit-brookfield-properties.jpg?w=2500" alt="A grassy lawn with trees and sidewalks is surrounded by buildings boasting housing." class="wp-image-231111"/><figcaption class="wp-element-caption">A rendering shows Brookfield's proposed public green space at the redeveloped Stonestown Galleria.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/12/5-stonestown-greenway-proposed-credit-brookfield-properties.jpg?w=2500" alt="A grassy lawn with trees and sidewalks is surrounded by buildings boasting housing." class="wp-image-231111"/><figcaption class="wp-element-caption">A rendering shows Brookfield&#8217;s proposed public green space at the redeveloped Stonestown Galleria.</figcaption></figure>

In what could be a troubling sign for its future projects, Brookfield’s commercial real estate arm just had its credit rating <a href="https://www.bloomberg.com/news/articles/2023-12-21/brookfield-property-debt-cut-to-junk-by-s-p-on-office-woes">downgraded to junk status</a> by S&amp;P Global Ratings—a warning to investors that the company is likely to default on its obligations. Some $2.3 billion of the company’s debt is scheduled to come due by 2025.&nbsp;

In what could be a troubling sign for its future projects, Brookfield’s commercial real estate arm just had its credit rating <a href="https://www.bloomberg.com/news/articles/2023-12-21/brookfield-property-debt-cut-to-junk-by-s-p-on-office-woes">downgraded to junk status</a> by S&amp;P Global Ratings—a warning to investors that the company is likely to default on its obligations. Some $2.3 billion of the company’s debt is scheduled to come due by 2025.&nbsp;

How does a company simultaneously play winning and losing hands without one impacting the other? Well, it’s not always one pot of money as it is in households, according to Gary Kaplan, a partner at Farella Braun + Martel LLP who specializes in restructuring and bankruptcy issues.&nbsp;

How does a company simultaneously play winning and losing hands without one impacting the other? Well, it’s not always one pot of money as it is in households, according to Gary Kaplan, a partner at Farella Braun + Martel LLP who specializes in restructuring and bankruptcy issues.&nbsp;

While the San Francisco law firm represents the receiver of the San Francisco Centre, it was not involved in the recent purchase of Veritas’ portfolio.&nbsp;

While the San Francisco law firm represents the receiver of the San Francisco Centre, it was not involved in the recent purchase of Veritas’ portfolio.&nbsp;

“All of these investments are done through special purpose entities (think: LLCs) and not the corporation itself,” Kaplan said. “Money gets pumped in and out of various initiatives depending on the case.”&nbsp;

“All of these investments are done through special purpose entities (think: LLCs) and not the corporation itself,” Kaplan said. “Money gets pumped in and out of various initiatives depending on the case.”&nbsp;

The team at Veritas might have done an analysis and figured that this portfolio was no longer the best use of its money, whereas Brookfield might have seen it and thought otherwise, Kaplan explained.&nbsp;

The team at Veritas might have done an analysis and figured that this portfolio was no longer the best use of its money, whereas Brookfield might have seen it and thought otherwise, Kaplan explained.&nbsp;

He speculated that purchasing a new selection of apartment buildings rather than continuing to spend money on a struggling Downtown mall probably made more sense to Brookfield.&nbsp;

He speculated that purchasing a new selection of apartment buildings rather than continuing to spend money on a struggling Downtown mall probably made more sense to Brookfield.&nbsp;

Workers can be seen removing the gold lettering on Nordstrom's Westfield location on Friday, Sept. 22, 2023.

<figure class="wp-block-image size-large"><img height="1875" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2023/09/IMG_5338.jpeg?w=2500" alt="Workers remove lettering from Nordstrom's sign at the mall in Downtown San Francisco." class="wp-image-203875"/><figcaption class="wp-element-caption">Workers can be seen removing the gold lettering on Nordstrom&#8217;s sign at the San Francisco Centre mall after the store shuttered both of its Downtown locations.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/09/IMG_5338.jpeg?w=2500" alt="Workers remove lettering from Nordstrom's sign at the mall in Downtown San Francisco." class="wp-image-203875"/><figcaption class="wp-element-caption">Workers can be seen removing the gold lettering on Nordstrom's sign at the San Francisco Centre mall after the store shuttered both of its Downtown locations.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/09/IMG_5338.jpeg?w=2500" alt="Workers remove lettering from Nordstrom's sign at the mall in Downtown San Francisco." class="wp-image-203875"/><figcaption class="wp-element-caption">Workers can be seen removing the gold lettering on Nordstrom&#8217;s sign at the San Francisco Centre mall after the store shuttered both of its Downtown locations.</figcaption></figure>

“I expect these companies have pools of folks whose job is to figure out when to get in and when to get out of things,” Kaplan said.&nbsp;

“I expect these companies have pools of folks whose job is to figure out when to get in and when to get out of things,” Kaplan said.&nbsp;

Despite its steady shedding of properties, Veritas remains in possession of thousands of apartments across the Bay Area and Los Angeles metro areas.&nbsp;

Despite its steady shedding of properties, Veritas remains in possession of thousands of apartments across the Bay Area and Los Angeles metro areas.&nbsp;

Ballast Investments, for its part, focuses primarily on homes. The San Francisco-based firm claims on its website that it specializes in repositioning “smaller, undermanaged properties.” More notably, its co-founder and managing principal, Ryan Brewer, helped lead the acquisition of multifamily properties at Veritas before co-founding Ballast in 2015.&nbsp;

Ballast Investments, for its part, focuses primarily on homes. The San Francisco-based firm claims on its website that it specializes in repositioning “smaller, undermanaged properties.” More notably, its co-founder and managing principal, Ryan Brewer, helped lead the acquisition of multifamily properties at Veritas before co-founding Ballast in 2015.&nbsp;

<h2 class="wp-block-heading" id="h-tenants-view">Tenants’ View</h2>

Long before Veritas’ San Francisco empire began to crumble, it had increasingly become a target for tenant activists, some of whom have accused it and its affiliates of practices such as illegal evictions, union-busting and violating building codes.

Long before Veritas’ San Francisco empire began to crumble, it had increasingly become a target for tenant activists, some of whom have accused it and its affiliates of practices such as illegal evictions, union-busting and violating building codes.

Brad Hirn, an organizer with the Housing Rights Committee, has been helping residents at various Veritas properties organize and negotiate with the landlord for lower rents and better living conditions since 2016.&nbsp;

Brad Hirn, an organizer with the Housing Rights Committee, has been helping residents at various Veritas properties organize and negotiate with the landlord for lower rents and better living conditions since 2016.&nbsp;

Housing advocates, supporters and San Francisco Supervisor Dean Preston, right, gathered to support long-time 601 O’Farrell Street resident Cedric Dugger, center, who was recently given a court date for eviction by Veritas, the building management company in San Francisco on Monday July 11, 2022. Mayor Breed implemented new local protections, which prevent eviction for late rent due after July 1. Tenants like Dugger can be evicted for unpaid rent throughout the pandemic after they were denied or unable to apply for California COVID-19 rent relief. | Camille Cohen/The Standard

<figure class="wp-block-image size-large"><img height="1667" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2022/07/EvictionMoratorium_INLINED001-scaled.jpeg?w=2500" alt="Supervisor Dean Preston speaks to reporters outside of an apartment building in San Francisco." class="wp-image-59797"/><figcaption class="wp-element-caption">Housing advocates and San Francisco Supervisor Dean Preston, right, gathered to support long-time 601 O’Farrell St. resident Cedric Dugger, center, who was given a court date for eviction by Veritas in 2022. The building was included in Ballast and Brookfield&#8217;s purchase. | Camille Cohen/The Standard</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/07/EvictionMoratorium_INLINED001-scaled.jpeg?w=2500" alt="Supervisor Dean Preston speaks to reporters outside of an apartment building in San Francisco." class="wp-image-59797"/><figcaption class="wp-element-caption">Housing advocates and San Francisco Supervisor Dean Preston, right, gathered to support long-time 601 O’Farrell St. resident Cedric Dugger, center, who was given a court date for eviction by Veritas in 2022. The building was included in Ballast and Brookfield's purchase. | Camille Cohen/The Standard</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2022/07/EvictionMoratorium_INLINED001-scaled.jpeg?w=2500" alt="Supervisor Dean Preston speaks to reporters outside of an apartment building in San Francisco." class="wp-image-59797"/><figcaption class="wp-element-caption">Housing advocates and San Francisco Supervisor Dean Preston, right, gathered to support long-time 601 O’Farrell St. resident Cedric Dugger, center, who was given a court date for eviction by Veritas in 2022. The building was included in Ballast and Brookfield&#8217;s purchase. | Camille Cohen/The Standard</figcaption></figure>

He called a potential Ballast and Brookfield takeover the “worst outcome” for San Francisco tenants currently fighting for recognition of their unions.

He called a potential Ballast and Brookfield takeover the “worst outcome” for San Francisco tenants currently fighting for recognition of their unions.

“This feels like a huge missed opportunity for the city to step in when yet another company’s bad business model is cracking,” Hirn said. “It doesn’t have to keep being this way. Thousands of residents are getting active and organized. We should chart a different course.”

“This feels like a huge missed opportunity for the city to step in when yet another company’s bad business model is cracking,” Hirn said. “It doesn’t have to keep being this way. Thousands of residents are getting active and organized. We should chart a different course.”

Hirn said he would have preferred the city itself acquire the properties, rather than leave ownership up to the private market. Yet, a recent episode in the Mission District gives him hope that a change of ownership could push stalled negotiations along.

Hirn said he would have preferred the city itself acquire the properties, rather than leave ownership up to the private market. Yet, a recent episode in the Mission District gives him hope that a change of ownership could push stalled negotiations along.

Just a few days before the Prado Group took control of over 20 Veritas-owned properties in November, the tenant association at one of these properties, located at 320-340 14th St., won key concessions from the landlord, including a 75% reduction in rent over 12 months, halting all pending evictions and the cancellation of previously scheduled rent increases.

Just a few days before the Prado Group took control of over 20 Veritas-owned properties in November, the tenant association at one of these properties, located at 320-340 14th St., won key concessions from the landlord, including a 75% reduction in rent over 12 months, halting all pending evictions and the cancellation of previously scheduled rent increases.

This real estate company dumped its downtown San Francisco mall. Now it’s gobbling up apartments

David Lombardi

Tim Kawakami

The 49ers notched a <a href="https://sfstandard.com/2024/10/10/49ers-defeat-seattle/">big road win</a> over the Seattle Seahawks last month. Now, their divisional rematches begin. Over the back half of this regular season, the 49ers will see all three of their NFC West adversaries again — starting with this grudge match. Games against the Los Angeles Rams and Arizona Cardinals await in December and January, respectively.

The 49ers had to go to Seattle to figure out how to be the 49ers again

The 49ers notched a <a href="https://sfstandard.com/2024/10/10/49ers-defeat-seattle/">big road win</a> over the Seattle Seahawks last month. Now, their divisional rematches begin. Over the back half of this regular season, the 49ers will see all three of their NFC West adversaries again — starting with this grudge match. Games against the Los Angeles Rams and Arizona Cardinals await in December and January, respectively.

What gives Sunday&#8217;s tilt added importance? For one, the 49ers are just 1-2 in NFC West play so far and a team&#8217;s intra-divisional record is used as a key tiebreaker when the season ends. So the losses to the Rams and Cardinals have put added emphasis on beating Seattle again.

What gives Sunday's tilt added importance? For one, the 49ers are just 1-2 in NFC West play so far and a team's intra-divisional record is used as a key tiebreaker when the season ends. So the losses to the Rams and Cardinals have put added emphasis on beating Seattle again.

What gives Sunday&#8217;s tilt added importance? For one, the 49ers are just 1-2 in NFC West play so far and a team&#8217;s intra-divisional record is used as a key tiebreaker when the season ends. So the losses to the Rams and Cardinals have put added emphasis on beating Seattle again.

This also marks a chance for the 49ers to notch their third consecutive win prior to tough road trips to Green Bay and Buffalo. If this is indeed to be another signature November run for the 49ers, defending the home turf on Sunday is a must.

This also marks a chance for the 49ers to notch their third consecutive win prior to tough road trips to Green Bay and Buffalo. If this is indeed to be another signature November run for the 49ers, defending the home turf on Sunday is a must.

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<h2 class="wp-block-heading" id="h-brock-purdy-s-passer-rating-over-100">Brock Purdy’s passer rating over 100</h2>

Lombardi: OVER Purdy is 5-0 against the Seahawks, meaning he&#8217;s on his way to paying Seattle back for the damage Russell Wilson did to the 49ers (he was 16-4 against them as a Seahawk). Following Purdy&#8217;s demolition of Seattle last month, there&#8217;s little reason to believe he can&#8217;t deliver an encore. Kawakami: OVER I&#8217;d love to zig a little here and pick the &#8220;100 or lower&#8221; for Purdy, but he&#8217;s had some of the biggest games of his career against the Seahawks&#8217; pass defense, including a 129.3 rating earlier this season. Something about this matchup just fits him.

Lombardi: OVER Purdy is 5-0 against the Seahawks, meaning he's on his way to paying Seattle back for the damage Russell Wilson did to the 49ers (he was 16-4 against them as a Seahawk). Following Purdy's demolition of Seattle last month, there's little reason to believe he can't deliver an encore. Kawakami: OVER I'd love to zig a little here and pick the "100 or lower" for Purdy, but he's had some of the biggest games of his career against the Seahawks' pass defense, including a 129.3 rating earlier this season. Something about this matchup just fits him.

Lombardi: OVER Purdy is 5-0 against the Seahawks, meaning he&#8217;s on his way to paying Seattle back for the damage Russell Wilson did to the 49ers (he was 16-4 against them as a Seahawk). Following Purdy&#8217;s demolition of Seattle last month, there&#8217;s little reason to believe he can&#8217;t deliver an encore. Kawakami: OVER I&#8217;d love to zig a little here and pick the &#8220;100 or lower&#8221; for Purdy, but he&#8217;s had some of the biggest games of his career against the Seahawks&#8217; pass defense, including a 129.3 rating earlier this season. Something about this matchup just fits him.

49er with the most yards from scrimmage, rushing and receiving

<h2 class="wp-block-heading" id="h-49er-with-the-most-yards-from-scrimmage-rushing-and-receiving">49er with the most yards from scrimmage, rushing and receiving</h2>

Lombardi: CHRISTIAN MCCAFFREY He certainly watched Philadelphia&#8217;s Saquon Barkley take the NFL rushing lead on Thursday night. Remember, that was McCaffrey&#8217;s title last season — and he&#8217;s undoubtedly motivated to show he could&#8217;ve defended it if healthy from the jump. Tampa gambled heavily against the 49ers&#8217; run game last week, opening up Purdy and the pass attack. Perhaps a swing in the opposite direction from Seattle&#8217;s defense is coming.

Lombardi: CHRISTIAN MCCAFFREY He certainly watched Philadelphia's Saquon Barkley take the NFL rushing lead on Thursday night. Remember, that was McCaffrey's title last season — and he's undoubtedly motivated to show he could've defended it if healthy from the jump. Tampa gambled heavily against the 49ers' run game last week, opening up Purdy and the pass attack. Perhaps a swing in the opposite direction from Seattle's defense is coming.

Lombardi: CHRISTIAN MCCAFFREY He certainly watched Philadelphia&#8217;s Saquon Barkley take the NFL rushing lead on Thursday night. Remember, that was McCaffrey&#8217;s title last season — and he&#8217;s undoubtedly motivated to show he could&#8217;ve defended it if healthy from the jump. Tampa gambled heavily against the 49ers&#8217; run game last week, opening up Purdy and the pass attack. Perhaps a swing in the opposite direction from Seattle&#8217;s defense is coming.

Kawakami: MCCAFFREY I suspect that the 49ers will really want to get the running game going after McCaffrey generally was shut down on the ground in his 2024 debut last week in Tampa Bay. Feels like a setup for at least one McCaffrey 50-yard-plus TD.

Kawakami: MCCAFFREY I suspect that the 49ers will really want to get the running game going after McCaffrey generally was shut down on the ground in his 2024 debut last week in Tampa Bay. Feels like a setup for at least one McCaffrey 50-yard-plus TD.

49ers defensive player with the most big plays

<h2 class="wp-block-heading" id="h-49ers-defensive-player-with-the-most-big-plays">49ers defensive player with the most big plays</h2>

We’re defining big plays as sacks + forced fumbles + fumble recoveries + interceptions.&nbsp;

We’re defining big plays as sacks + forced fumbles + fumble recoveries + interceptions.&nbsp;

Lombardi: FRED WARNER Nick Bosa consistently delivers massive games against the Seahawks — he logged a staggering 14 pressures in Seattle last month — but the hip pointer is slowing the edge rusher. So let&#8217;s default to other superstar on this defense. That&#8217;s the future Hall of Famer Warner. Kawakami: DEOMMODORE LENOIR I&#8217;m not always a sucker for <a href="https://sfstandard.com/2024/11/13/deommodore-lenoir-49ers-cornerback-payday/">the easy storyline</a>, but I&#8217;ll say oh well: Days after Lenoir signed his much-deserved $88.8 million extension, I&#8217;m guessing that he&#8217;ll write all our stories for us with at least one interception and his usual sterling coverage.

A 5-foot-10 cornerback named Hyena hunts down a huge payday from the 49ers

Lombardi: FRED WARNER Nick Bosa consistently delivers massive games against the Seahawks — he logged a staggering 14 pressures in Seattle last month — but the hip pointer is slowing the edge rusher. So let's default to other superstar on this defense. That's the future Hall of Famer Warner. Kawakami: DEOMMODORE LENOIR I'm not always a sucker for <a href="https://sfstandard.com/2024/11/13/deommodore-lenoir-49ers-cornerback-payday/">the easy storyline</a>, but I'll say oh well: Days after Lenoir signed his much-deserved $88.8 million extension, I'm guessing that he'll write all our stories for us with at least one interception and his usual sterling coverage.

Lombardi: FRED WARNER Nick Bosa consistently delivers massive games against the Seahawks — he logged a staggering 14 pressures in Seattle last month — but the hip pointer is slowing the edge rusher. So let&#8217;s default to other superstar on this defense. That&#8217;s the future Hall of Famer Warner. Kawakami: DEOMMODORE LENOIR I&#8217;m not always a sucker for <a href="https://sfstandard.com/2024/11/13/deommodore-lenoir-49ers-cornerback-payday/">the easy storyline</a>, but I&#8217;ll say oh well: Days after Lenoir signed his much-deserved $88.8 million extension, I&#8217;m guessing that he&#8217;ll write all our stories for us with at least one interception and his usual sterling coverage.

<h2 class="wp-block-heading" id="h-non-star-who-makes-a-big-splash">Non-star who makes a big splash</h2>

Lombardi: RICKY PEARSALL We both <a href="https://sfstandard.com/2024/11/08/49ers-vs-buccaneers-predictions/">picked him last week</a> and the rookie didn&#8217;t let us down. Why not go back to Pearsall? The long touchdown early against Tampa Bay was the splash play, but Purdy&#8217;s trust in him on the game-winning drive might&#8217;ve been even more notable. McCaffrey creates more one-one-one opportunities for others, and Pearsall can beat single coverage. Kawakami: CHRIS CONLEY I&#8217;ll promote Lenoir out of this category and give a nod to Conley, who was hurt last week but probably will be in the WR rotation this week as the backup &#8220;X&#8221; behind Jauan Jennings. Purdy has shown that he trusts Conley in big spots.

49ers vs. Buccaneers: The Standard&#8217;s 5 fast predictions

Lombardi: RICKY PEARSALL We both <a href="https://sfstandard.com/2024/11/08/49ers-vs-buccaneers-predictions/">picked him last week</a> and the rookie didn't let us down. Why not go back to Pearsall? The long touchdown early against Tampa Bay was the splash play, but Purdy's trust in him on the game-winning drive might've been even more notable. McCaffrey creates more one-one-one opportunities for others, and Pearsall can beat single coverage. Kawakami: CHRIS CONLEY I'll promote Lenoir out of this category and give a nod to Conley, who was hurt last week but probably will be in the WR rotation this week as the backup "X" behind Jauan Jennings. Purdy has shown that he trusts Conley in big spots.

Lombardi: RICKY PEARSALL We both <a href="https://sfstandard.com/2024/11/08/49ers-vs-buccaneers-predictions/">picked him last week</a> and the rookie didn&#8217;t let us down. Why not go back to Pearsall? The long touchdown early against Tampa Bay was the splash play, but Purdy&#8217;s trust in him on the game-winning drive might&#8217;ve been even more notable. McCaffrey creates more one-one-one opportunities for others, and Pearsall can beat single coverage. Kawakami: CHRIS CONLEY I&#8217;ll promote Lenoir out of this category and give a nod to Conley, who was hurt last week but probably will be in the WR rotation this week as the backup &#8220;X&#8221; behind Jauan Jennings. Purdy has shown that he trusts Conley in big spots.

<h2 class="wp-block-heading" id="h-game-prediction">Game prediction</h2>

Lombardi: 49ers 31, Seahawks 17 I predicted a blowout last week — a prognostication that was almost singlehandedly destroyed by the 49ers&#8217; special teams meltdown. I&#8217;m going for it again because I think the 49ers are due for one of their signature November routs. Their offense and defense are both delivering. If special teams doesn&#8217;t screw it up, the 49ers are significantly better than Seattle. Kawakami: 49ers 27, Seahawks 24 I&#8217;ll be surprised if the 49ers blow out the Seahawks, who are coming off a bye and probably will have DK Metcalf back this week. It&#8217;ll probably be another close game. The 49ers will probably have a special teams mistake. And I&#8217;m sure Kyle Shanahan can&#8217;t wait to put another game on Jake Moody&#8217;s foot. But I&#8217;ll predict the 49ers survive this one, too.

Lombardi: 49ers 31, Seahawks 17 I predicted a blowout last week — a prognostication that was almost singlehandedly destroyed by the 49ers' special teams meltdown. I'm going for it again because I think the 49ers are due for one of their signature November routs. Their offense and defense are both delivering. If special teams doesn't screw it up, the 49ers are significantly better than Seattle. Kawakami: 49ers 27, Seahawks 24 I'll be surprised if the 49ers blow out the Seahawks, who are coming off a bye and probably will have DK Metcalf back this week. It'll probably be another close game. The 49ers will probably have a special teams mistake. And I'm sure Kyle Shanahan can't wait to put another game on Jake Moody's foot. But I'll predict the 49ers survive this one, too.

Lombardi: 49ers 31, Seahawks 17 I predicted a blowout last week — a prognostication that was almost singlehandedly destroyed by the 49ers&#8217; special teams meltdown. I&#8217;m going for it again because I think the 49ers are due for one of their signature November routs. Their offense and defense are both delivering. If special teams doesn&#8217;t screw it up, the 49ers are significantly better than Seattle. Kawakami: 49ers 27, Seahawks 24 I&#8217;ll be surprised if the 49ers blow out the Seahawks, who are coming off a bye and probably will have DK Metcalf back this week. It&#8217;ll probably be another close game. The 49ers will probably have a special teams mistake. And I&#8217;m sure Kyle Shanahan can&#8217;t wait to put another game on Jake Moody&#8217;s foot. But I&#8217;ll predict the 49ers survive this one, too.

49ers vs. Seahawks: The Standard’s 5 fast predictions

Kevin Truong

For decades, the 12-story historic Huntington Hotel stood proud on Nob Hill, offering breathtaking views of San Francisco while playing host to numerous luminaries. But recent visitors to the building and the hotel’s website have been greeted with a brief message that the hotel, its spa, and the storied Big 4 restaurant would be closed “until further notice.”

For decades, the 12-story historic Huntington Hotel stood proud on Nob Hill, offering breathtaking views of San Francisco while playing host to numerous luminaries. But recent visitors to the building and the hotel’s website have been greeted with a brief message that the hotel, its spa, and the storied Big 4 restaurant would be closed “until further notice.”

That’s due, in part, to the property’s mortgage lender Deutsche Bank Ag threatening foreclosure <a href="https://sfstandard.com/business/sfs-historic-huntington-hotel-slips-into-loan-default/">against the hotel’s owner</a>—a possible sign of things to come as defaults tick up from pandemic lows.&nbsp;

That’s due, in part, to the property’s mortgage lender Deutsche Bank Ag threatening foreclosure <a href="https://sfstandard.com/business/sfs-historic-huntington-hotel-slips-into-loan-default/">against the hotel’s owner</a>—a possible sign of things to come as defaults tick up from pandemic lows.&nbsp;

In 2022 so far, the city’s Assessor-Recorder counts 307 default notices, compared to 214 in 2020 and 184 in 2021. A default notice is one of the first steps a mortgage lender takes as part of the foreclosure process, which serves to inform the property owner that they intend to seize the property unless they are paid the balance they are owed.

In 2022 so far, the city’s Assessor-Recorder counts 307 default notices, compared to 214 in 2020 and 184 in 2021. A default notice is one of the first steps a mortgage lender takes as part of the foreclosure process, which serves to inform the property owner that they intend to seize the property unless they are paid the balance they are owed.

Jason Estavillo, managing partner of real estate-focused Estavillo Law Group law firm, said that the relatively low number of defaults during the pandemic was due to moratorium policies and the closures of courts and offices involved in pursuing foreclosures. 

Jason Estavillo, managing partner of real estate-focused Estavillo Law Group law firm, said that the relatively low number of defaults during the pandemic was due to moratorium policies and the closures of courts and offices involved in pursuing foreclosures.

Now, as some of those policies expire and with courts back open, Estavillo says he’s seen an uptick in calls from property owners who are being threatened with foreclosure.&nbsp;

Now, as some of those policies expire and with courts back open, Estavillo says he’s seen an uptick in calls from property owners who are being threatened with foreclosure.&nbsp;

For commercial properties, Estavillo said that foreclosures will take time to play out as lease terms expire without renewal, leaving property owners unable to fill space or fulfill their mortgage obligations. A swath of commercial leases signed during the <a href="https://sfstandard.com/business/san-francisco-braces-for-epic-commercial-real-estate-crash/">peak of the city’s economic boom</a> are poised to expire over the next few years.&nbsp;

For commercial properties, Estavillo said that foreclosures will take time to play out as lease terms expire without renewal, leaving property owners unable to fill space or fulfill their mortgage obligations. A swath of commercial leases signed during the <a href="https://sfstandard.com/business/san-francisco-braces-for-epic-commercial-real-estate-crash/">peak of the city’s economic boom</a> are poised to expire over the next few years.&nbsp;

The current default notice numbers are still a fraction of the sky-high numbers seen during the Great Recession, which brought drastically elevated foreclosures due to the securitization of mortgage debt and other risky financial schemes. In 2009, a high of 2,836 notices of default were filed with the city.&nbsp;

The current default notice numbers are still a fraction of the sky-high numbers seen during the Great Recession, which brought drastically elevated foreclosures due to the securitization of mortgage debt and other risky financial schemes. In 2009, a high of 2,836 notices of default were filed with the city.&nbsp;

While the majority of this year’s default notices are directed at individual homeowners who have fallen behind on their mortgage payments, a handful are for commercial properties—in particular, the hotels that have struggled with a lack of guests and office towers with high vacancy rates. Those trends could spell trouble for building owners looking to refinance, added Estavillo.&nbsp;

While the majority of this year’s default notices are directed at individual homeowners who have fallen behind on their mortgage payments, a handful are for commercial properties—in particular, the hotels that have struggled with a lack of guests and office towers with high vacancy rates. Those trends could spell trouble for building owners looking to refinance, added Estavillo.&nbsp;

“My thinking is that we’re heading towards another recession, interest rates are going up and people can’t refinance their properties,” Estavillo said. “It’s not the same as what happened in 2007 to 2010, but I just kind of see the writing on the wall.”

“My thinking is that we’re heading towards another recession, interest rates are going up and people can’t refinance their properties,” Estavillo said. “It’s not the same as what happened in 2007 to 2010, but I just kind of see the writing on the wall.”

Case in point: Vijay Investments, the owner of The Civic Center Inn at 790 Ellis St. was threatened with foreclosure by mortgage lender Bank of the Orient, who says the organization owes $5.24 million on a $6 million loan.&nbsp;&nbsp;&nbsp;

Case in point: Vijay Investments, the owner of The Civic Center Inn at 790 Ellis St. was threatened with foreclosure by mortgage lender Bank of the Orient, who says the organization owes $5.24 million on a $6 million loan.&nbsp;&nbsp;&nbsp;

The Yotel San Francisco, which opened as the brand’s first West Coast location in 2019, was also served a notice of default in April from their mortgage lender Starwood Property, who said the hotel owner owed $707,000 on a $64.5 million loan.&nbsp;

The Yotel San Francisco, which opened as the brand’s first West Coast location in 2019, was also served a notice of default in April from their mortgage lender Starwood Property, who said the hotel owner owed $707,000 on a $64.5 million loan.&nbsp;

Other buildings that are being threatened with foreclosure include 88 First Street and 508 Mission Street, which sit catty-corner to Salesforce Tower and were acquired by Chinese developer Oceanwide Holdings Group in 2017 as part of their <a href="https://therealdeal.com/issues_articles/living-on-a-prayer/">now-stalled Oceanwide Center</a> megaproject. The notice of default says that the company owes $1.16 million on a $16.3 million loan.&nbsp;

Other buildings that are being threatened with foreclosure include 88 First Street and 508 Mission Street, which sit catty-corner to Salesforce Tower and were acquired by Chinese developer Oceanwide Holdings Group in 2017 as part of their <a href="https://therealdeal.com/issues_articles/living-on-a-prayer/">now-stalled Oceanwide Center</a> megaproject. The notice of default says that the company owes $1.16 million on a $16.3 million loan.&nbsp;

Ted Egan, the city’s chief economist, attributed the current uptick largely to the domino effect of higher interest rates.&nbsp;

Ted Egan, the city’s chief economist, attributed the current uptick largely to the domino effect of higher interest rates.&nbsp;

“I would say some of it is maybe a recognition about work from home having something to do with the value of commercial property, but I think the more likely reason driving it now is just higher interest rates,” Egan said.

“I would say some of it is maybe a recognition about work from home having something to do with the value of commercial property, but I think the more likely reason driving it now is just higher interest rates,” Egan said.

San Francisco property defaults tick up from pandemic lows

Annie Gaus

The Huntington Hotel, one of the famed “Big Four” hotels atop San Francisco’s Nob Hill, may face foreclosure after defaulting on a loan, according to a report.&nbsp;

The Huntington Hotel, one of the famed “Big Four” hotels atop San Francisco’s Nob Hill, may face foreclosure after defaulting on a loan, according to a report.&nbsp;

Documents filed with the city show a loan amounting to $56.2 million in default and a tax lien against the property, according to <a href="https://www.mercurynews.com/2022/09/22/history-san-francisco-hotel-famous-hill-loan-default-real-estate-covid/">Bay Area News Group</a>. Los Angeles-based Woodbridge Capital acquired the 136-room hotel in 2018 for $51.9 million. Its lender, Deutsche Bank, is seeking to foreclose on the loan.

Documents filed with the city show a loan amounting to $56.2 million in default and a tax lien against the property, according to <a href="https://www.mercurynews.com/2022/09/22/history-san-francisco-hotel-famous-hill-loan-default-real-estate-covid/">Bay Area News Group</a>. Los Angeles-based Woodbridge Capital acquired the 136-room hotel in 2018 for $51.9 million. Its lender, Deutsche Bank, is seeking to foreclose on the loan.

First constructed in 1924, the twelve-story, Georgian-style hotel, along with its restaurant and spa, is closed until further notice according to its website. A request for comment wasn’t immediately returned.&nbsp;

First constructed in 1924, the twelve-story, Georgian-style hotel, along with its restaurant and spa, is closed until further notice according to its website. A request for comment wasn’t immediately returned.&nbsp;

San Francisco hotels and office buildings have struggled with a steep drop in travelers and commuters, raising the risk of a <a href="https://sfstandard.com/business/san-francisco-braces-for-epic-commercial-real-estate-crash/">crash in property values</a>, mortgage defaults and unoccupied buildings.&nbsp;&nbsp;

San Francisco hotels and office buildings have struggled with a steep drop in travelers and commuters, raising the risk of a <a href="https://sfstandard.com/business/san-francisco-braces-for-epic-commercial-real-estate-crash/">crash in property values</a>, mortgage defaults and unoccupied buildings.&nbsp;&nbsp;

The city’s tax office is seeing a flood of requests for tax reassessments among commercial landlords who argue that the value of their properties has fallen. That includes the owners of some of San Francisco’s <a href="https://sfstandard.com/business/the-owners-of-iconic-sf-buildings-are-looking-to-slash-their-property-values/">most iconic buildings</a>: the Transamerica Pyramid, Uber’s Mission Bay headquarters, and the Westin St. Francis, among others.

The city’s tax office is seeing a flood of requests for tax reassessments among commercial landlords who argue that the value of their properties has fallen. That includes the owners of some of San Francisco’s <a href="https://sfstandard.com/business/the-owners-of-iconic-sf-buildings-are-looking-to-slash-their-property-values/">most iconic buildings</a>: the Transamerica Pyramid, Uber’s Mission Bay headquarters, and the Westin St. Francis, among others.

SF’s historic Huntington Hotel slips into loan default

Between significant tech layoffs and continuing economic headwinds, it was fitting that one of the last major commercial real estate moves of the year in San Francisco was an office building being listed for sale at a massive discount.&nbsp;

Between significant tech layoffs and continuing economic headwinds, it was fitting that one of the last major commercial real estate moves of the year in San Francisco was an office building being listed for sale at a massive discount.&nbsp;

The 20-story office tower at 33 New Montgomery St. is being listed at $80 million, a 46% haircut from the $146 million it traded hands for in 2014.&nbsp;

The 20-story office tower at 33 New Montgomery St. is being listed at $80 million, a 46% haircut from the $146 million it traded hands for in 2014.&nbsp;

That big drop in valuation—<a href="https://www.sfchronicle.com/realestate/article/s-f-office-tower-50-discount-18562232.php" target="_blank" rel="noreferrer noopener">first reported by the San Francisco Chronicle</a>— mirrors larger trends at office properties across San Francisco and the Bay Area, where <a href="https://sfstandard.com/2023/12/18/san-francisco-office-real-estate-vacancy-salesforce-tower/">high vacancy rates</a> and the <a href="https://sfstandard.com/2023/05/02/first-republic-takeover-deals-yet-another-blow-to-bay-area-real-estate/">rising cost of lending </a>have put many owners in a bind and spurred some to cut their losses and offload troubled properties.

More than a third of San Francisco&#8217;s office space is currently vacant

First Republic Bank takeover another blow to Bay Area real estate industry

That big drop in valuation—<a href="https://www.sfchronicle.com/realestate/article/s-f-office-tower-50-discount-18562232.php" target="_blank" rel="noreferrer noopener">first reported by the San Francisco Chronicle</a>— mirrors larger trends at office properties across San Francisco and the Bay Area, where <a href="https://sfstandard.com/2023/12/18/san-francisco-office-real-estate-vacancy-salesforce-tower/">high vacancy rates</a> and the <a href="https://sfstandard.com/2023/05/02/first-republic-takeover-deals-yet-another-blow-to-bay-area-real-estate/">rising cost of lending </a>have put many owners in a bind and spurred some to cut their losses and offload troubled properties.

An increasing number of those who made investments before the pandemic are now <a href="https://sfstandard.com/2022/09/06/san-francisco-braces-for-epic-commercial-real-estate-crash/">coming out on the losing end</a> heading into 2024. It’s not all bad news. Investors did get a little reprieve heading into the holiday break, with the Federal Reserve signaling it was <a href="https://www.wsj.com/economy/central-banking/fed-holds-rates-steady-and-sees-cuts-next-year-4d554e9f?mod=series_inflation" target="_blank" rel="noreferrer noopener">finally prepared to start lowering interest rates</a> after the new year, thus making money easier to borrow.&nbsp;

San Francisco braces for epic commercial real estate crash

An increasing number of those who made investments before the pandemic are now <a href="https://sfstandard.com/2022/09/06/san-francisco-braces-for-epic-commercial-real-estate-crash/">coming out on the losing end</a> heading into 2024. It’s not all bad news. Investors did get a little reprieve heading into the holiday break, with the Federal Reserve signaling it was <a href="https://www.wsj.com/economy/central-banking/fed-holds-rates-steady-and-sees-cuts-next-year-4d554e9f?mod=series_inflation" target="_blank" rel="noreferrer noopener">finally prepared to start lowering interest rates</a> after the new year, thus making money easier to borrow.&nbsp;

But interest rates and office occupancy rates won’t flip overnight. What’s more likely is that 2024 will represent a turning-of-the-page moment in San Francisco, a <a href="https://sfstandard.com/2023/09/05/san-franciscos-real-estate-reset-is-already-happening/">real estate reset</a> where past expectations are no longer palatable, and well-positioned players enter the game buying low.&nbsp;&nbsp;

San Francisco’s real estate reset is already happening

But interest rates and office occupancy rates won’t flip overnight. What’s more likely is that 2024 will represent a turning-of-the-page moment in San Francisco, a <a href="https://sfstandard.com/2023/09/05/san-franciscos-real-estate-reset-is-already-happening/">real estate reset</a> where past expectations are no longer palatable, and well-positioned players enter the game buying low.&nbsp;&nbsp;

The exterior of the office tower at 33 New Montgomery St. in downtown San Francisco is pictured on Thursday, Dec. 21, 2023.

<figure class="wp-block-image size-large"><img height="1586" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2023/12/20231221_discountedsfofficebuildings-7.jpg?w=2500" alt="An office building with brown and gray marble with 33 New Montgomery in letters." class="wp-image-234832"/><figcaption class="wp-element-caption">The exterior of the office tower at 33 New Montgomery St. in San Francisco.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/12/20231221_discountedsfofficebuildings-7.jpg?w=2500" alt="An office building with brown and gray marble with 33 New Montgomery in letters." class="wp-image-234832"/><figcaption class="wp-element-caption">The exterior of the office tower at 33 New Montgomery St. in San Francisco.</figcaption></figure>

Similar to 33 New Montgomery, a 210,000-square-foot office building at 600 Townsend West was listed for sale last month by real estate services firm JLL. The building has been owned by Japanese investor Toda Corp. for over 30 years, and the firm is seeking roughly $74 million for the property roughly a mile southwest of Oracle Park.

Similar to 33 New Montgomery, a 210,000-square-foot office building at 600 Townsend West was listed for sale last month by real estate services firm JLL. The building has been owned by Japanese investor Toda Corp. for over 30 years, and the firm is seeking roughly $74 million for the property roughly a mile southwest of Oracle Park.

While Toda does not appear to be under significant pressure from lenders or facing a lack of cash flow because of low occupancy (<a href="https://invest.jll.com/us/en/listings/office/600-townsend-west" target="_blank" rel="noreferrer noopener">JLL’s listing</a> says it is 92% leased)—its price guidance of roughly $350 per square foot does fall in line with a neighboring building recently sold <a href="https://sfstandard.com/2023/10/15/san-francisco-real-estate-investors-see-opportunities/">back to one of its original owners</a> at a major discount.&nbsp;

Doom loop opportunities? San Francisco real estate investors bet long on city

While Toda does not appear to be under significant pressure from lenders or facing a lack of cash flow because of low occupancy (<a href="https://invest.jll.com/us/en/listings/office/600-townsend-west" target="_blank" rel="noreferrer noopener">JLL’s listing</a> says it is 92% leased)—its price guidance of roughly $350 per square foot does fall in line with a neighboring building recently sold <a href="https://sfstandard.com/2023/10/15/san-francisco-real-estate-investors-see-opportunities/">back to one of its original owners</a> at a major discount.&nbsp;

A source with knowledge of the deal said the initial round of bids for the property topped out around $67 million.&nbsp;

A source with knowledge of the deal said the initial round of bids for the property topped out around $67 million.&nbsp;

Less than two blocks away from Toda Corp.’s property, a different story with a similar outcome is playing out at 410 Townsend St.&nbsp;

Less than two blocks away from Toda Corp.’s property, a different story with a similar outcome is playing out at 410 Townsend St.&nbsp;

There, the building’s previous owner, Clarion Partners, fell behind on a roughly $40 million loan it took out in 2019, the same year it purchased the 76,000 square-foot office for $86 million. For a point of comparison to current market values, that works out to roughly $1,130 per square foot.&nbsp;

There, the building’s previous owner, Clarion Partners, fell behind on a roughly $40 million loan it took out in 2019, the same year it purchased the 76,000 square-foot office for $86 million. For a point of comparison to current market values, that works out to roughly $1,130 per square foot.&nbsp;

According to public records, Clarion handed the property back to its lender this month. Before its value plummeted, the building was home to the likes of TechCrunch, Eventbrite, Zendesk and Adobe. A recent online listing showed that three out of the four floors are available for lease.&nbsp;

According to public records, Clarion handed the property back to its lender this month. Before its value plummeted, the building was home to the likes of TechCrunch, Eventbrite, Zendesk and Adobe. A recent online listing showed that three out of the four floors are available for lease.&nbsp;

An individual walks past a Mission Bay Office Property at 410 Townsend St. in San Francisco on Thursday, Dec. 21, 2023.

<figure class="wp-block-image size-large"><img height="1668" width="2500" src="https://content.sfstandard.com/wp-content/uploads/2023/12/20231221_discountedsfofficebuildings-10.jpg?w=2500" alt="A person walks in front of a dark green building with a row of city bikes. " class="wp-image-234834"/><figcaption class="wp-element-caption">The Mission Bay Office Property at 410 Townsend St. has been handed back to lenders, public records show.</figcaption></figure>

<figure class="wp-block-image size-large"><img src="https://content.sfstandard.com/wp-content/uploads/2023/12/20231221_discountedsfofficebuildings-10.jpg?w=2500" alt="A person walks in front of a dark green building with a row of city bikes. " class="wp-image-234834"/><figcaption class="wp-element-caption">The Mission Bay Office Property at 410 Townsend St. has been handed back to lenders, public records show.</figcaption></figure>

Vacancies have also crippled the owners of a historic 16-story building at 995 Market St., just down the street from <a href="https://sfstandard.com/2023/08/21/inside-downtown-san-francisco-new-ikea-opening/">San Francisco’s new Ikea</a>. According to public records, Bridgeton Holdings has defaulted on a $45 million loan. The departure of WeWork in 2021 left the 90,000-square-foot building more than 80% vacant.&nbsp;

See inside downtown San Francisco’s new Ikea before opening day

Vacancies have also crippled the owners of a historic 16-story building at 995 Market St., just down the street from <a href="https://sfstandard.com/2023/08/21/inside-downtown-san-francisco-new-ikea-opening/">San Francisco’s new Ikea</a>. According to public records, Bridgeton Holdings has defaulted on a $45 million loan. The departure of WeWork in 2021 left the 90,000-square-foot building more than 80% vacant.&nbsp;

Search Results for: default

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