According to One Rincon Hill developer Mike Kriozere, the “negative economic cycle” has resulted in an unforeseen “misalignment” of the One Rincon Hill Phase II partners’ long-term interests and as such Urban West Associates is “now negotiating with a new partner.”
In terms of the scheduled distress sale of the majority interests in the One Rincon Hill Phase II Partnership we first reported yesterday and sparked the response from Kriozere, apparently it’s simply a “commonly used tool to increase the urgency to resolve or otherwise reconcile these situations.”
We’ll keep you plugged-in as the situation changes.
∙ Rincon developer seeks new partner [San Francisco Business Times]
∙ One Rincon Phase II: What’s Behind That Confidentiality Agreement? [SocketSite]
∙ One Rincon Hill Phase II Partnership Interests Headed For Foreclosure [SocketSite]
HA! … wow, that was a funny read.
I guess my sense of humor is not as well honed as yours….what exactly was the joke?
Seems about right given the circumstances.
probably funny if you’re into schadenfreude… and who isn’t?
Is Snooki going to be there too?
In an unrelated “Situation” involving One Rincon Hill financing, according to SFGate.com’s Crime Scene blog:
Apparently the ringleader, Lum, forged the signature of the true owner of the condos granting himself deed to the properties and subsequently conned one or more banks into granting him an equity loan.
That is pretty funny. Amazing how easily the recorder’s office can be tricked … I am surprised this type of thing doesn’t happen more often.
They should make an example of this group as a warning.
More on the swindle that Brahma refers to here : https://socketsite.com/archives/2010/02/we_might_question_that_75_million_as_well.html
I also mentioned this here, because these listed condos were implicated:
https://socketsite.com/archives/2010/12/the_last_of_the_last_rincon_hill_o2s.html