June 12, 2009

From At Risk To Lost For Another 24 Lembi Properties

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]

First Published: June 12, 2009 10:00 AM

Comments from "Plugged In" Readers

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

Posted by: Rincon Hill Billy at June 12, 2009 1:48 PM

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.

Posted by: jon at June 13, 2009 5:15 AM

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

Posted by: El Payo at June 13, 2009 2:11 PM

wealth never lasts more than 3 generations!

Posted by: anon1 at June 13, 2009 4:18 PM

wealth never lasts more than 3 generations!

Tell that to the Rothschilds.

Posted by: NoeValleyJim at June 13, 2009 11:49 PM

Personal BK to follow shortly

Posted by: anon at June 14, 2009 10:45 AM

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

Posted by: 45yo hipster at June 14, 2009 6:43 PM

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.

Posted by: anonn at June 15, 2009 7:53 AM

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.

Posted by: anon at June 15, 2009 12:18 PM

@anon what "personal guarantees" did the Lembis sign? --Just curious

Posted by: BayAreaBum at June 15, 2009 2:43 PM

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

Posted by: Trip at June 15, 2009 4:30 PM

Post a comment


(required - will be published)


(required - will not be published, sold, or shared)


(optional - your "Posted by" name will link to this URL)

Remember Me?

(you may use HTML tags for style)


Continue Perusing SocketSite:

« Designs For The Castro’s "Hole In The Ground" (2299 Market Street) | HOME | New Designs For Dwellings (And Retail) At Market And Sanchez »