Lenders have initiated foreclosure proceedings on a nonprofit-owned office building in San Francisco following a $48 million loan default. Additionally, a large office building in the Golden Triangle has also gone into foreclosure. In another case, a lender seized a two-building office campus after the owner defaulted on a $37.5 million loan. The office real estate market is experiencing a significant downturn, with valuations plummeting from $3 trillion to $500 billion, a drawdown described as much larger than the 2008 crash.
office real estate going from $3 trillion to $500 billion. this is an INSANE drawdown, way bigger than the 2008 crash - HT: Ben Miller (Fundrise CEO)
Sheesh... A lender seized this two-building office campus through foreclosure after the owner defaulted on a $37.5M loan. Projected 77.4% IRR is still on the owner's website. I drive by this building all the time on the way to the Oakland Airport. https://t.co/1wLnfwKKFB
Large Golden Triangle office building goes into foreclosure: https://t.co/y1nrdoqWob https://t.co/zbNyykT6So
Want a 1million square foot office building in NYC? Starting bid is only $7.5mm. AND It's been upgraded. Sounds like a steal!! But wait! It's only 35% occupied. And it's on a ground lease! The owner (UBS) sucked out $285mm when it sold the fee interest to Safehold (just a few…
Lenders on nonprofit-owned San Francisco office building sue for foreclosure after $48M loan default https://t.co/NccovwkLYJ