"Italian seafood restaurant Capurro's, at 498 Jefferson St., was served a notice of default on Sept. 3 after failing to pay a loan that had a maturity date of February 2024, as first reported by the San Francisco Business Times. According to legal documents filed with San Francisco County and city, and reviewed by SFGATE, Capurro's will need to pay back the remainder of the loan within 90 days of receiving the notice of default or risk having the space "sold without any court action.""
"The legal filing shows that the original loan of $2.3 million was made in January 2014 with First Republic Bank and filed by Capurro's owner Paul Capurro, under his California limited partnership, Mama Franceschi's LP. Part of that sum has been paid off over the past decade but as of Aug. 6, the loan remains at $1.8 million and "will increase until the loan is paid in full," the notice of default read."
Capurro's received a notice of default on Sept. 3 for failing to pay a loan maturing in February 2024. The notice requires repayment of the remaining balance within 90 days or the space may be sold without court action. The original loan was $2.3 million from January 2014 with First Republic Bank, filed under Mama Franceschi's LP, and stood at $1.8 million as of Aug. 6. The loan balance will continue to increase until fully paid. The restaurant remains responsible for insurance, taxes, and other obligations. Capurro's has an ongoing rent dispute with the Port of San Francisco and continues operating while paying rent.
Read at SFGATE
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