Timber!!! in Nor Cal

Park Merced

No, I am not writing about logging, but of San Francisco real estate. There is trouble in San Francisco commercial real estate.

Parkmerced is a rather large complex:

The commercial real estate meltdown has caught up with one of the largest apartment complexes in the country — San Francisco’s Parkmerced.

The statement did not disclose the amount owed, much of it in October, but real estate analysts have said there are two notes due amounting to $500 million, or more.

The 116-acre complex, purchased by Stellar Management and another real estate investment firm, Rockpoint Group, has 1,683 rental units contained in 11 residential towers. Blocks of two-story garden townhouses account for an additional 1,538 apartments.

I am just trying to figure out where all the money is going to come from to service all of this debt? There are just so many many properties in the same situation.