March 18, 2010
Collateral Damage: 52 Rausch Goes Back To The Bank
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]
First Published: March 18, 2010 11:15 AM
Comments from "Plugged In" Readers
Oh, that crazy George Hauser and his deposit misappropriating ways. I guess that means there is nothing left in his concrete floored empire.
Posted by: Mr. E at March 18, 2010 11:32 AM
Temecula Valley Bank had the first mortgage on Cubix.
Posted by: jimmyjack at March 18, 2010 1:31 PM
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.
Posted by: Katy Dinner at March 18, 2010 5:06 PM
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