Brookfield Partners with Ballast to Buy Veritas Portfolio Loans

Canadian firm backs $800M purchase of debt on 2,149 San Francisco apartments.

By Jack Rogers | September 29, 2023 at 05:12 AM

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.

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