"Veritas Investments, the real estate giant that owns thousands of housing units across the West Coast, has defaulted on $652 million in debt and is facing the foreclosure of 66 buildings in San Francisco, according to a Sept. 18 filing sent to the city and obtained by Mission Local. That may represent the entire San Francisco housing stock of what was once the city's largest landlord. A separate Sept. 18 filing with the city describes the 66 buildings as the "Veritas SF Portfolio.""
"Those 66 buildings house 1,566 units, according to a review of records with the San Francisco Office of the Assessor-Recorder. Because Veritas' loan is secured by the buildings, all 66 could be sold at foreclosure within 90 days to pay off the debt, according to the notice. The buildings range in size: The largest is the 116-unit, five-story Tenderloin apartment complex at 57 Taylor St. where tenants who sued Veritas in 2018 alleged lead contamination."
"The "notice of default" was sent by First American Title Insurance Company to 66 properties owned by various LLC subsidiaries of Veritas. It gives Veritas until five days before a sale date to pay off its debt to lender RBC Real Estate Capital Corp., the real estate investment arm of the Royal Bank of Canada, and get into "good standing.""
Veritas Investments defaulted on $652 million in debt and faces foreclosure of 66 San Francisco buildings that together contain 1,566 units. The loan is secured by the buildings, which could be sold at foreclosure within 90 days unless Veritas cures the default, negotiates a payment plan, or obtains extra time. First American Title Insurance Company filed a notice of default naming Veritas LLC subsidiaries and noted an unpaid principal balance of $551 million originally due in March 2024 and $1.1 million in unpaid property taxes. The lender is RBC Real Estate Capital Corp., and Veritas and CEO Yat-Pang Au did not respond to contact attempts.
Read at Mission Local
Unable to calculate read time
Collection
[
|
...
]