real Estate defaults are absolutely brutal…
Goldman Sachs and Ballast are set to surrender 82 apartment buildings (~1,200 units) in San Francisco to lender Royal Bank of Canada
They recently defaulted on loans totaling $687.5M
The apartments were purchased between 2017 and 2020 for $704M ($587K per unit)
The dominoes are starting to fall one-by-one in commercial real estate w/ multi-family starting to feel the pain…
Source: The Real Deal
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