The 23 Lembi properties at risk of being lost in March have officially been deeded back to their lender (a CIM Group fund) along with one more.
∙ Lembis At Risk Of Losing Another 23 Apartment Buildings [SocketSite]
∙ CIM Group snaps up 24 Lembi buildings [San Francisco Business Times]
Props to SS…you’ve been on a roll today with all of these updates! Great Stuff!
Call it what you like….
A round trip.
Shirtsleeves to shirtsleeves in 3 generations.
I can picture the family patriarch trudging the streets of SF pushing a handcart. Saving his pennies and always buying real estate. The beginning of the Great American Dream.
I sure hope the current generation still has that handcart. They’ll need it.
Financially, the Lembi family is toast.
I wonder who I get to write the rent check to now.
wealth never lasts more than 3 generations!
wealth never lasts more than 3 generations!
Tell that to the Rothschilds.
Personal BK to follow shortly
I’m sure the lembis really care that the peanut gallery here is calling their demise. Talk about cheap thrills.
Tell that to the Rothschilds.
Or the Kennedys. Or the Hiltons. Or the Legg’s. Or anybody with quote unquote “real” money. This site continues to jump the hatershark daily and it’s gotten stale. You got [insert thing here], they’ll hate it.
True, but none of those families went on a Lembi-style drunken buying binge…taking on some much new debt and signed personal guarantees to boot. The people with “real” money have it liquid, or in properties with low leverage. Not the case with thse jokers.
@anon what “personal guarantees” did the Lembis sign? –Just curious
These articles note a $400 million personal guarantee that was forgiven in the UBS deal as well as other unspecified ones.
http://sanfrancisco.bizjournals.com/sanfrancisco/stories/2009/01/19/story3.html
http://www.sftu.org/Lembi%20WSJ.htm