/

|

Dive Brief:
After maturing in December, the loan backing Parkmerced, a 3 million-square-foot, 3,221-unit complex in San Francisco, went into receivership in March, according to a Morningstar Credit report shared with Multifamily Dive.
San Diego-based real estate services provider Douglas Wilson Cos. has been appointed receiver and will take control of property management and operations. Funds were provided to handle operational expenses. Future lender actions may include a foreclosure or an action against the guarantor, according to Morningstar.
Last year, property owner Robert Rosania, the founder of San Francisco-based apartment investor Maximus, requested the loan go into servicing, citing low occupancy and a December maturity. The borrower failed to close on a loan modification that had been negotiated, according to Morningstar.