One of San Francisco's biggest landlords is disappearing beneath waves of debt

[Liberal_in_LA]

Debt swamping Lembi Group, big S.F. landlord

Andrew S. Ross

Wednesday, September 9, 2009

One of San Francisco's biggest landlords is disappearing beneath waves of debt. Defaults, receiverships and foreclosures are threatening to sink Lembi Group Inc., which in the not-so-distant past owned more than 300 apartment buildings containing approximately 7,000 units throughout the city.

Last time The Chronicle checked, 51 properties controlled by various Lembi Group entities - Skyline Realty Inc. and CitiApartments Inc. are among the better known - were handed over in January to UBS AG, the Swiss bank to which Lembi owed up to $400 million. In June, 24 more properties went to CIM Group Inc. of Los Angeles, after Lembi defaulted on a $121 million loan. And the waves keep crashing in.

According to recent San Francisco Superior Court filings, dozens more Lembi properties are in play, including those ordered into receivership last week after Lembi failed to make payments on a $90 million note owed to Bank of America Corp.

Read more: http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/09/09/BUPJ19K1T1.DTL#ixzz0QfbJAy6Q

[notadmblnd]

1. I wonder if he gets called every 30 minutes from someone in India asking for a payment?