Veritas, the largest residential landlord in San Francisco, has lost more than a quarter of its portfolio to another local firm in an auction of $800M in distressed loans backed by 75 apartment buildings.
San Francisco-based Ballast Investments has purchased the delinquent loans, which are tied to buildings encompassing 2,149 units, in an auction conducted by Eastdil Secured on behalf of lenders who foreclosed on the debt, according to a report in the San Francisco Chronicle.
In May, Eastdil began marketing delinquent loans divided into two portfolios backed by 95 apartment buildings encompassing 2,452 and 45 ground-floor storefronts, describing them as "trophy buildings in the city's most coveted neighborhoods."
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