San Francisco’s largest residential landlord, a voracious acquirer of properties during the boom, has deeded 51 of its apartment buildings back to lender UBS.
On Dec. 29, Trophy Properties, one of the limited liability corporations the Lembi Group operates, filed a “deed in lieu of foreclosure” on 20 properties. On Jan. 12, another 31 properties were given back to REF SF Properties, a company UBS set up to hold the assets. The portfolio the Lembi Group gave back included about 1,500 apartments, most of which are located in Lower Pacific Heights, Nob Hill, Russian Hill, the Marina, the Tenderloin and the Western Addition.
[Update: You can find the list of 51 properties by Clicking Here.]
–Lembi gives 51 buildings back to UBS [SF Business Times]
Wow, fifty deeds in lieu of foreclosure for apartment buildings? These are all properties the banks will have to maintain and administer until they can be sold on the market to new buyers.
I wonder how difficult it was for him to negotiate these give-backs. For the average homeowner facing foreclosure, executing a deed in lieu is quite difficult. Banks don’t want the properties back, they’d rather foreclose sometimes.
[Editor’s Note: Sorry your comment got caught up in our spam queue. Must be the domain name. The word foreclosure strikes fear in the hearts of many a spam blocker, among other hearts….]
how can I get list of the 51 buildings?
Judy
We’ll see what we can dig up…
We have the list. Please contact us via email, [email protected]. We might be inclined to publish it, but need to think it through.