San Francisco Apartment Building Loses $250 Million in Value Amid Crime Crisis – Now Facing Forclosure

Breaking News

A very large apartment building in San Francisco has lost $250 million in value since 2018 as the city has devolved into a hellscape of crime and open drug addiction.

Commercial real estate and retail space in the city have had the same problems.

This could eventually cause a domino effect on San Francisco unlike anything we have ever seen.

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The FOX Business Network reports:

San Francisco apartment building facing foreclosure, significant decline in value

An apartment building in San Francisco has reportedly experienced a large decrease in its value compared to where it stood in 2018.

The San Francisco Chronicle, citing data from Trepp, reported Thursday that the building, the Crescent Heights-owned NEMA, had its value decline by $264.6 million, hitting $279 million, more than a 48% drop from 2018, when it was worth $543.6 million.

Trepp had also tweeted about it Wednesday. The company, which tracks structured finance, commercial real estate and banking markets, said the commercial mortgage-backed securities (CMBS) loan connected to it was $384 million.

The Mid-Market area of San Francisco, where the headquarters of X (previously known as Twitter) and other office buildings are located, houses NEMA. The roughly 10-year-old building has 37 floors and 754 rental units, according to the Crescent Heights website.

The change comes just a couple months after another Trepp report indicated the NEMA could potentially have to contend with foreclosure from a mortgage default, according to the San Francisco Chronicle and the San Francisco Business Times. Special servicing reportedly received the loan.

Liberal policies are destroying this city.

What will happen to the city of San Francisco when this crash in value hits a majority of properties?

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