SF's former largest landlord faces foreclosure on dozens of buildings

"Dozens of San Francisco apartment buildings tied to Veritas Investments, formerly the city's largest private landlord, are now facing foreclosure proceedings after lenders filed a notice of default for more than half a billion dollars. According to the filing, recorded Sept. 18 with the San Francisco Assessor-Recorder's Office and obtained by SFGATE, Veritas-related entities are behind on loan payments totaling more than $652 million as of Sept. 12."

"The bulk of that debt comes from an unpaid balance of about $551 million that became due in March 2024, along with interest, late fees and more than $1.1 million in unpaid property taxes advanced by lenders. The notice explains that unless the debt is repaid or the loan is reinstated, the properties could be sold at a foreclosure auction."

"The portfolio at risk includes 66 apartment buildings across San Francisco, spanning neighborhoods from the Mission and the Castro to the Tenderloin, Nob Hill and Pacific Heights. The notice was recorded by First American Title Insurance Company on behalf of lenders represented by RBC Real Estate Capital Corp. and was signed by David Z. Bark, identified as the foreclosure trustee."

Veritas Investments-related entities are behind on loan payments totaling more than $652 million as of Sept. 12, with an unpaid principal balance of about $551 million that became due in March 2024. Lenders advanced more than $1.1 million in unpaid property taxes and assessed interest and late fees. A notice of default recorded Sept. 18 names First American Title Insurance Company as the recording trustee for lenders represented by RBC Real Estate Capital Corp., with David Z. Bark identified as foreclosure trustee. Sixty-six apartment buildings across multiple San Francisco neighborhoods face possible foreclosure unless loans are repaid, reinstated, and taxes brought current.

Read at SFGATE