Five parcels along Market Street between 5th and 6th Streets have been hit with Notices of Default (NOD’s) including 935-939 Market, 943 Market, and 949-961 Market.
Apparently Connecticut-based Commonfund Realty, which partnered with San Francisco based Urban Realty on the CityPlace development, “has stopped investment in real estate projects as it seeks to restructure a $1 billion fund that lost most of its value.”
As best we can tell there’s approximately $36 million of cross collateralized debt on the three parcels and it’s a $9,680,000 note from 2007 which filed the notice of default.
While the Notice of Defaults noted above were cancelled, new Notices were filed soon thereafter. And as a plugged-in tipster notes, the CityPlace parcels along Market Street are now scheduled to hit the courthouse steps in San Francisco this Wednesday, March 14.
∙ Notice Of Default Filed For CityPlace Parcels [SocketSite]
∙ Details To Augment Designs For “CityPlace” (935-965 Market Street) [SocketSite]
∙ CityPlace EIR
Approved Appealed Approved! [SocketSite]