San Francisco's Parkmerced complex moves $1.8bn debt to special servicing due to high vacancy rate and loan maturity.
San Francisco's Parkmerced apartment complex, owned by Maximus Real Estate Partners, has moved a $1.8bn debt to special servicing due to the neighborhood's high vacancy rate and upcoming loan maturity in December 2024. The complex, with an 83% occupancy rate, faced a financial hit during the pandemic. The loan was recapitalized in 2019 with $1.5bn from Barclays and Citi, and $275m from Aimco.
April 16, 2024
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