The 23 Lembi properties at risk of being lost in March have officially been deeded back to their lender (a CIM Group fund) along with one more.
Lembis At Risk Of Losing Another 23 Apartment Buildings [SocketSite]
CIM Group snaps up 24 Lembi buildings [San Francisco Business Times]

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Comments from “Plugged-In” Readers

  1. Posted by Rincon Hill Billy

    Props to SS…you’ve been on a roll today with all of these updates! Great Stuff!

  2. Posted by jon

    Call it what you like….
    A round trip.
    Shirtsleeves to shirtsleeves in 3 generations.
    I can picture the family patriarch trudging the streets of SF pushing a handcart. Saving his pennies and always buying real estate. The beginning of the Great American Dream.
    I sure hope the current generation still has that handcart. They’ll need it.
    Financially, the Lembi family is toast.

  3. Posted by El Payo

    I wonder who I get to write the rent check to now.

  4. Posted by anon1

    wealth never lasts more than 3 generations!

  5. Posted by NoeValleyJim

    wealth never lasts more than 3 generations!
    Tell that to the Rothschilds.

  6. Posted by anon

    Personal BK to follow shortly

  7. Posted by 45yo hipster

    I’m sure the lembis really care that the peanut gallery here is calling their demise. Talk about cheap thrills.

  8. Posted by anonn

    Tell that to the Rothschilds.
    Or the Kennedys. Or the Hiltons. Or the Legg’s. Or anybody with quote unquote “real” money. This site continues to jump the hatershark daily and it’s gotten stale. You got [insert thing here], they’ll hate it.

  9. Posted by anon

    True, but none of those families went on a Lembi-style drunken buying binge…taking on some much new debt and signed personal guarantees to boot. The people with “real” money have it liquid, or in properties with low leverage. Not the case with thse jokers.

  10. Posted by BayAreaBum

    @anon what “personal guarantees” did the Lembis sign? –Just curious

  11. Posted by Trip

    These articles note a $400 million personal guarantee that was forgiven in the UBS deal as well as other unspecified ones.
    http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/01/19/story3.html
    http://www.sftu.org/Lembi%20WSJ.htm

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