A San Francisco Superior Court judge has granted a request from lenders to place the city’s largest apartment complex into receivership.
Receiver Douglas Wilson Cos. confirmed Wednesday that it is in “full control” of Parkmerced, the 3,165-unit complex near the San Francisco-Daly City border, the San Francisco Business Times reported.
The court-ordered move comes three months after Parkmerced owner Maximus Real Estate Partners defaulted on a $1.5B loan backed by the complex, failing to repay the debt when it came due in December.
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