Foreclosure Proceedings Started Against City Place Site in San Francisco

Notices of default, which signal the start of foreclosure proceedings, have recently been filed against 5 parcels on Market Street in San Francisco between 5th and 6th streets. A 6th property located in the area, on Mission Street, has been hit with a notice of default as well.

901 Market Street - Hale Brothers Department Store
901 Market Street | Courtesy of NoeHill, San Francisco

Three of the parcels hit with a notice of default are in the area of the site of a new shopping center, dubbed City Place. According to the shopping center’s website, the retail project is developed by Urban Realty Co., Inc., a commercial¬† real estate company based in San Francisco, and Commonfund Realty, Inc., a Connecticut-based asset management company. The investment in the project amounts $100 million, according to the San Francisco Business Times.

Commonfund has apparently stopped its investment in real estate projects, as of November last year, as it seeks to restructure a $1 billion fund that lost most of its value, Bloomberg reported. Earlier this year the company announced a new CEO.

The loan amount for the 6 properties ranges between $2.2 million for 925 Market Street and $55 million for 901 Market Street, a neoclassical building also known as the Hale Brothers Department Store.

Mid Market, San Francisco
Parcels in red have a notice of default filed against