RBC Poised to Take Over 82 San Francisco Apartments from Goldman Sachs, Ballast Investments After $687.5M Default

Jul 11, 2024, 02:00 PM

The Royal Bank of Canada (RBC) is preparing to take control of 82 apartment buildings in San Francisco, currently owned by Goldman Sachs and Ballast Investments. This move comes after the partnership defaulted on $687.5 million in loans tied to 1,200 units. An affiliate of RBC has asked a San Francisco court to place these properties into receivership, citing concerns over poor management. The lender's readiness to take over the properties suggests a strategic bet on the recovery of the San Francisco real estate market. Additionally, hundreds of apartments are involved in this potential takeover.