"Mission Local reports today that Veritas is in default on $652 million in loans, and may have 66 San Francisco apartment buildings foreclosed upon. That site even obtained the default notice from lender RBC Real Estate Capital Corp, which is the real estate subsidiary of the Royal Bank of Canada, and that notice lists all 66 SF properties. Mission Local's article has a list of these 66 properties that is a little more easily searchable."
"The SF-based mega-landlord Veritas Investments has properties all over the West Coast, and was once San Francisco's biggest landlord. That distinction of course made them Public Enemy Number One in the landlord realm, particularly when they took a $3.6 million PPP loan in 2020 despite being a $3 billion company, and ran the nightclub Club Deluxe off of Haight Street."
"But if Veritas is your San Francisco landlord, there is a very high likelihood your building is in default and could be sold. These 66 buildings could be sold at foreclosure within 90 days. The filing is dated September 18, which would make the 90-day mark December 17. Veritas has until five days before that to get into good standing, which means paying the $652 million. Per Mission Local, the default notice does give Veritas the option of a payment plan."
Veritas Investments is in default on $652 million in loans secured by 66 San Francisco apartment buildings totaling 1,566 units. A lender's default notice dated September 18 lists the affected properties and triggers a 90-day foreclosure window that could culminate around December 17. Veritas can cure the default by paying $652 million or pursue a payment plan option noted in the notice. Veritas previously defaulted on nearly $1 billion in loans in 2023 and sold 23 buildings (762 apartments) in 2024. Tenants in the listed buildings face potential ownership changes and sales if defaults are not resolved.
Read at sfist.com
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