Apartment portfolios in San Francisco continue to change hands like a game of musical chairs—and it's probably a safe bet that it will take a few rate cuts from the Fed to end the slow dance of borrowers and lenders.
Goldman Sachs and Ballast Investments are in talks to hand three residential portfolios encompassing a total of 82 buildings and about 1,200 apartments in the city back to lender RBC Real Estate Capital in a deed-in-lieu transaction, according to a report in the San Francisco Business Times.
Last year, Goldman and Ballast defaulted on $688M in loans backed by the portfolios, debt that was originated in 2020 and 2021 by RBC, the report said.
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