The largest apartment owner in San Francisco has defaulted on a $448M CMBS loan secured by 62 properties encompassing more than 1,700 apartments in the city.
A joint venture of San Francisco-based Veritas Investments and hedge fund Baupost Group, based in Boston, failed to repay the loan—a cross-collateralized, SASB package known as the Veritas Multifamily Portfolio Pool—when it matured on Nov. 15.
The loan was transferred into special servicing and was reported in December as a non-performing matured balloon loan, according to Fitch Ratings. Veritas declined to exercise a one-year extension option on the loan, Fitch said.
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