We’ll make some calls to see if we can’t substantiate or bust, but remember debt covenants are nothing new. And for now it’s simply a RandomRumor:
Heard some second-hand rumors that many of the newer developments in Soma/Potrero are indeed facing liquidity issues. Supposedly their financing sources are set to dry up, diminish, or start charging big fees if a certain number of units aren’t sold by the end of the year. They have to make a certain quota by year end or incur penalties.
So look for silent fire sales starting in mid-November to close stuff by end of year. Again, this is one of those “guy I work with heard from someone” kinds of rumors. Could be accurate, could be complete BS, and I have no idea which projects may be affected. Guess we’ll see in a month or so.
We’ll also call on “that guy and the guy he heard it from” to chime in as well, so please forward this along if they aren’t already plugged-in and you know who they might be.