San Francisco is hit by another huge blow as RESIDENTIAL property market begins to tank, with investor landlord ditching 459 homes across 12 buildings due to plunging occupancy …

Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco Its creditors are now selling off the multifamily home properties as vacancies fall to 82 percent San Francisco is experiencing a post-Covid ‘doom loop’ as occupancies have risen as families move out to escape rising crime and open air drug markets 

San Francisco’s residential property market has hit troubled waters as a major investor landlord announced the sell-off of a large section of its rental empire this week. 

Landlord Mosser Companies defaulted on a 2018 loan for $88 million that was underwritten by its 459 rental units across 12 buildings in San Francisco. 

The company’s creditor has now hired real estate firm Cushman & Wakefield to sell the multifamily home properties, The San Francisco Chronicle reported

Mosser Companies took on the debt pre-pandemic with low occupancy rates, but as the city by the bay grapples with a post-Covid doom loop occupancies have risen as families move out to escape rising crime.

This, coupled with historically high interest rates as the loan came due, means Mosser and other real estate investors are looking to sell off their assets. 

‘San Francisco has gone through a wave of distress in real estate because of the economic upheaval resulting from the COVID years‘ a spokesperson for Mosser explained. 

‘And while the market reset is in play, an enormous amount of real estate debt is coming due, creating a push to refinance loans that were originated pre-pandemic.

Adding: ‘This also comes at a time when both general vacancies and interest rates are historically high.’ 

The

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