CitiApartments Goes to the Pawn Shop
Updated 4:15 PM PST, Fri, May 29, 2009
Troubled property manager CitiApartments is cutting loose some more properties to save its own hide— according to the SFBT the "Lembi real estate empire" is putting up 12 apartment buildings up for sale, for way below what they paid for them just a couple years ago, for a total of $43 million (they hope). That means 232 apartment units are on the block.
This, after losing a total of 74 properties back to their lender(s). A little diet never hurt anyone.
The paper goes on to report that only a handful of buildings in the city with 10 or more units have sold in the past year.
This all comes after 23 CitiApartment buildings faced foreclosure last March, according to the Business Times. And in January the rental company returned 51 apartment buildings to its lender.
"The Lembi subsidiary Trophy Properties has been in default on payments since Feb. 10 on two loans, one for $116.1 million and one for $5.2 million," The Business Times reported in March. "Interest accrued and outstanding from Jan. 9 to March 2 amounted to $1.8 million, and interest on the unpaid balance is accruing at a rate of $50,600 a day."
First Published: May 29, 2009 11:03 AM PST
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