As we wrote this past October:
As we first reported a week ago, builder Joe Cassidy’s 113-unit mixed-use project at 1844 Market Street was headed for a foreclosure sale on the courthouse steps next week with an estimated $12,329,428.48 owed.
And while a plugged-in reader noted that a lawsuit over a reneged loan agreement was to blame and forecast the property would not be lost to the bank, it’s a plugged-in tipster that reports that Cassidy has just filed a Chapter 11 bankruptcy petition for the entity which owns the 1844 Market Street property (“Upper Market Place, LLC”).
The filing claims eight creditors, the largest of which is East West Bank with $12,330,254 owed. Cassidy’s own Granite Construction & Demolition company is also listed as a creditor with $112,500 owed.
The non-performing note has been bought by MacFarlane Partners who has taken title. And according to the San Francisco Business Times, they’re shooting for a quick re-start
and summer 2013 opening.
∙ Cassidy’s 1844 Market Street Holding Company Files For Chapter 11 [SocketSite]
∙ Cassidy’s 1844 Market Street Project Facing Foreclosure [SocketSite]
∙ 1844 Market Watch: Movement On 113 “Fabulous” Units And Retail [SocketSite]
∙ The Inside Scoop With Respect To 1844 Market’s Foreclosure Filing [SocketSite]
∙ It’s Back To
Building Digging At 1844 Market (Not So Much At 2200) [SocketSite]
∙ MacFarlane makes $55M bet on Upper Market [SocketSite]