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Lembi Group, also known as CitiApartments:
http://en.wikipedia.org/wiki/CitiApartments
January 2009:
http://www.tenantstogether.org/article.php?id=610
June 2009
http://www.sfchron.com/cgi-bin/artic...ype=realestate
September 2009
http://en.wikipedia.org/wiki/CitiApartments
CitiApartments is one of the largest real estate companies in San Francisco, California, which at its peak owned and managed more than 300 buildings directly and through a number of affiliates.
http://www.tenantstogether.org/article.php?id=610
In recent weeks, the group ceded ownership of 51 buildings, comprising some 1,400 apartments, to UBS AG through deeds in lieu of foreclosure.
Walter Lembi, managing director of Lembi Group, said the shortfall between income and debt service on the buildings was $3 million a month. Lembi executives say they are negotiating with several other lenders to extend close to $1 billion in mortgages, some of which are securitized, that are due to mature over six to 12 months.
Walter Lembi, managing director of Lembi Group, said the shortfall between income and debt service on the buildings was $3 million a month. Lembi executives say they are negotiating with several other lenders to extend close to $1 billion in mortgages, some of which are securitized, that are due to mature over six to 12 months.
http://www.sfchron.com/cgi-bin/artic...ype=realestate
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.