Canadian real estate giant Brookfield—which earlier this year handed back to lenders the keys for San Francisco's largest downtown mall—now is making a huge bet on the city's multifamily sector.
Brookfield is partnering with San Francisco-based Ballast Investments to complete Ballast's purchase last month of $800M in distressed loans backed by 75 San Francisco apartment buildings that were part of the portfolio of Veritas Investments, the city's largest residential landlord, according to a report in the San Francisco Chronicle.
The delinquent loans, which are tied to buildings encompassing 2,149 units, were acquired in an auction conducted by Eastdil Secured on behalf of lenders who foreclosed on the debt.
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