By bob Walsh
The owner of the 754 unit apartment complex at #8 Tenth
St. in San Francisco, NEMA Property, is apparently preparing to default
on it's mortgage, sending another Mid-Market area property into
never-never land. The outstanding mortgage is for $384 million. It was
91% occupied last year but it's current occupancy rate is not exactly
clear. This is just up the street from the Hayes Tower which just
suspended construction activities due to inability to rent.
There is a 1,012 unit building nearby that is EXPECTED to start construction soon. With luck and a good tail wind.
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