Articles Recently Tagged: The Lembis

(7 posts)

San Francisco Landlord Tops List Of Bay Area Tax Delinquents

Of the top 500 tax delinquents in California, former CitiApartments Managing Partner and cousin of the late Walter Lembi, David M. Raynal, is number six with $2.59 million owed, the top Bay Area tax delinquent according to the State’s Franchise Tax Board. While any professional or occupational licenses held... Read More »

Is That The Fat Lady We Hear Singing Over At CitiApartments?

Is That The Fat Lady We Hear Singing Over At CitiApartments?

Pledged as collateral on a number of loans which are now in default, it’s a plugged-in tipster that notes “the Debtors’ respective membership interests in the limited liability companies” which own the following properties are scheduled to be sold on December 12: 78 Buchanan Street 233-241 Church Street 252-258... Read More »

Flipping A Few Lembi Properties Through Foreclosure

A plugged-in tipster reports: Coastal Capital of Sausalito, which bought a portfolio of loans secured by Lembi properties, foreclosed on the properties . Coastal reportedly paid $24.1 million (64% of face value) for the package of loans originated by Tamalpais Bank, and today’s sales at the steps totaled $29,049,100.... Read More »

The Story (And Faces) Behind The Rise And Fall Of The Lembis

The Story (And Faces) Behind The Rise And Fall Of The Lembis

San Francisco Magazine digs deep to tell the story of the Lembis. Their business plan was simple: Exploit the difference between artificially low, rent-controlled rents and the sky’s-the-limit, market-rate rents they could charge when the old tenants were out and new ones took their place. This has been the... Read More »

The Chronicle Reports “Dozens,” A Plugged-In Source Says Over 100

While the Chronicle reports “dozens more Lembi properties are in play” in addition to the 75 ex-Lembi-owned apartment buildings that have already been given or taken back by the banks, according to our sources the number of Lembi properties still at risk is over a hundred. As in up... Read More »

A Few More Numbers For The Most Recent Lembi Twelve

Some additional numbers on the twelve properties the Lembis put on the market in May: Lembi hopes to generate $43 million in revenue from the disposition, which equates to approximately $185,000 per unit, approximately 50% of replacement cost and a significant discount to what it paid to acquire the... Read More »

Lembis At Risk Of Losing Another 23 Apartment Buildings

After deeding 51 buildings back to the bank in lieu of foreclosure in January, the Lembis are at risk of losing another 23 of their remaining 250-ish apartment buildings in San Francisco. From J.K. Dineen at the San Francisco Business Times: affiliate bought $121 million of distressed... Read More »