A plugged-in tipster reports:
Yesterday, 52 Rausch Street was taken back by Redwood Mortgage, which held a $850,000 2nd. It has a senior loan for $2,550,000 to First National Bank of Northern California (South SF). This property also was cross-collateral for the $23 million construction loan for Cubix (apparent 3rd position here).
Along with the conversion of 60 Rausch and 73 Sumner, the eight-unit 52 Rausch was built by George Hauser as part of the The Mullen Buildings development of 2002.
∙ The Mullen Buildings: 52/60 Rausch & 73 Sumner [SocketSite]
∙ SocketSite’s Straight Scoop On The Collapse Of Cubix (766 Harrison) [SocketSite]
Oh, that crazy George Hauser and his deposit misappropriating ways. I guess that means there is nothing left in his concrete floored empire.
Temecula Valley Bank had the first mortgage on Cubix.
George’s biggest mistake was trying to create a real estate team instead of using an expert – like Jim Hurley who had been doing a great job for him for many years.