One of the most beautiful cities in the world has a new pronoun: Was/Were
Posted on 09/27/2024 11:32:59 AM PDT by Vendome
Westbrook Partners is poised to lose the Four Seasons San Francisco at Embarcadero hotel at a foreclosure auction.
The auction comes six months after the Florida-based investor led by Paul Kazilionis defaulted on a $72.5 million loan tied to the 155-room luxury hotel at 222 Sansome Street, the San Francisco Chronicle reported.
Late last week, the landlord of the 345 California complex affiliated with Chicago-based Metropolis Investment Holdings, sued Westbrook for allegedly failing to pay nearly $400,000 in rent and fees. Westbrook declined to comment on the complaint.
The investment firm is still negotiating with its lender to try to settle its debt with an unidentified partner, according to stakeholders with knowledge of the talks.
The upcoming auction, however, suggests that Waterfall Asset Management is unwilling to extend the terms of the loan agreement
(Excerpt) Read more at therealdeal.com ...
Gavin Newsom can turn it into a luxurious homeless shelter. That’s just what the Embarcadero needs.
Yes, make it a migrant shelter.
At some point, these properties are going to look like a bargain, but no bank is going to want to lend a dime to anyone looking to buy. Big opportunities for PE though.
Sold as is, where is - needles and feces included.
Sounds like an ideal place to warehouse some “Haitian migrants”
I guess this would qualify as the real “a man in full” currently on Netflix.
The last stand in SF was fought by Dan White.
I’m actually in town for a meeting, and walked by this building this morning.
They’ve cleaned up this part of town, and there was an SFPD Mobile Command Post at Union Square last night. For the first time since Covid, you could walk around the city and not worry about a junkie panhandler or worse.
Market street is still a disaster, and office vacancy rates are still crazy, so the city is still in deep trouble. But you can see what an amazing place SF could be if it wasn’t infested with the most dysfunctional politics in the industrial world.
I was there on Wednesday. Went to Westfield Mall.
Effin disaster
80%+ stores closed.
Going to drive by Union Square next week.
You need an appointment to go into Saks now. Not gonna happen.
Once Macy’s leaves it’s over.
Stupid SheeshCake Factory will be on island 8 stories up...
Human ingenuity can create miracles.
Human stupidity can destroy just about anything.
345 California was once prime, prime real estate.
Is the Cheesecake Factory above Macy’s still open? I was last there in 2016 and it was very popular. A friend of mine insisted that we go there. I thought it was funny - all of these great restaurants in San Francisco and people flock to the Cheesecake Factory.
It *did* have a nice view from the outside balcony there, though.
I thought those were verbs.
If you borrow $72.5 thousand and can’t pay it back, you have a problem. If you borrow $72.5 million add can’t pay it back, the bank has a problem.
In the fwiw department we don’t do San Francisco anymore.
Sad.
5.56mm
“At some point, these properties are going to look like a bargain”
why? is some near-future SF government gonna kick out the legions of bums shooting and shitting on the sidewalks, halt rampant street crime, throw shoplifters in jail, bring back retail businesses, bring back workers to the empty office buildings, bring back tourism, and bring back national conventions to the Moscone Center?
I wanted to see Julius’ Castle re-open. Did that finally happen?
Yeah, still there
I never take the elevator
Phobia
I take the escalators up
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