Residents received a letter [Wednesday] from Default Resolution Network — a division of Fidelity National Title Co. — telling them that the property was default and that they were “in the process of foreclosing on behalf of the lender.”
The letter goes onto say that the “if the lender takes title to the property at the foreclosure sale, the lender intends to honor your lease so long as you comply with the terms of your lease.”
Once again, the 320-unit Rincon Center Residential Towers at 88 Howard was purchased for $143 million in 2007 with an additional $10 million invested since.
∙ Rincon Center Towers $110M (And Possibly In Default) Debt For Sale [SocketSite]
∙ Rincon Center faces foreclosure [San Francisco Business Times]