While the crowd has already started to gather in front of City Hall for today’s celebration in honor of our World Champion San Francisco Giants, a plugged-in tipster notes that 500 Sansome Street is scheduled to hit City Hall’s back steps this afternoon for a foreclosure auction with $29,931,926.59 owed.
The 150,000 square foot Class B property in an A location was purchased for $37 million in 2006 with $27 million in loans. Don’t forget that cashier’s check on your way to the parade.
∙ 500 Sansome owners owe $27.8M, face default [San Francisco Business Times]
Wednesday, November 03, 2010
10-01219-4 500 Sansome Street, San Francisco, CA $29,931,926.59 $20,027,982.00 Opening Bid set at $20,027,982.00 2:00 PM 2:00 PM
Wells Fargo is one of the lead lenders on this according to the SF Business Journal.
http://www.bizjournals.com/sanfrancisco/stories/2010/04/05/story10.html
A group of lenders led by Wells Fargo Bank has initiated judicial foreclosure on 500 Sansome St., a 150,000-square-foot San Francisco building that Chicago investor M&J Wilkow bought for $37 million in 2006 as the office sales market was starting to spike.
Court records state that borrower 500 Sansome St. LLC and guarantor M&J Wilkow are in default on a $24.4 million “Note A” and a $2.6 million “Note B” along with other penalties and fees.
Read more: 500 Sansome owners owe $27.8M, face default | San Francisco Business Times
Without a buyer on the courthouse steps, on Wednesday 500 Sansome went back to the bank.