November 3, 2010
Celebrations Out Front, Foreclosures In The Rear
While the crowd has already started to gather in front of City Hall for today's celebration in honor of our World Champion San Francisco Giants, a plugged-in tipster notes that 500 Sansome Street is scheduled to hit City Hall's back steps this afternoon for a foreclosure auction with $29,931,926.59 owed.
∙ 500 Sansome owners owe $27.8M, face default [San Francisco Business Times]
First Published: November 3, 2010 9:00 AM
Comments from "Plugged In" Readers
Wednesday, November 03, 2010
10-01219-4 500 Sansome Street, San Francisco, CA $29,931,926.59 $20,027,982.00 Opening Bid set at $20,027,982.00 2:00 PM 2:00 PM
Wells Fargo is one of the lead lenders on this according to the SF Business Journal.
A group of lenders led by Wells Fargo Bank has initiated judicial foreclosure on 500 Sansome St., a 150,000-square-foot San Francisco building that Chicago investor M&J Wilkow bought for $37 million in 2006 as the office sales market was starting to spike.
Court records state that borrower 500 Sansome St. LLC and guarantor M&J Wilkow are in default on a $24.4 million “Note A” and a $2.6 million “Note B” along with other penalties and fees.
Read more: 500 Sansome owners owe $27.8M, face default | San Francisco Business Times
Posted by: inclinejj at November 3, 2010 11:31 AM
Without a buyer on the courthouse steps, on Wednesday 500 Sansome went back to the bank.
Posted by: SocketSite at November 5, 2010 2:25 PM