Rosania Hits More Distress in Bay Area Multifamily Market

Add a Tiburon apartment complex carrying a $210 million loan to the recent court order that put Parkmerced into receivership, with both moves clipping the wings of once-high flying Maximus Realty Partners and its principal, Robert Rosania.

Maximus defaulted on the loan for the Cove at Tiburon, a 283-unit property at 50 Barbaree Way in Marin County at its maturity date last month, the San Francisco Business Times reported, and it is now considered non-performing by bond rater Morningstar.

Maximus had not updated the status of its operations or given insight into its plans for the Tiburon property prior to the default. Morningstar’s Sarah Helwig told the Business Times that cash flow from the property was down to $9.6 million in 2024, below the $11.4 million outlined in the underwriting at the loan’s issuance.

Maximus declined to comment to the Business Times on the most recent turn, which follows the firm’s default earlier this year on a $1.5 billion loan against the 3,165-unit Parkmerced complex at 3711 19th Ave.

Rosania made a big splash in the Bay Area when he bought Parkmerced 20 years ago, adding to his portfolio over the years. He and his firm drew attention and intense opposition over a one-time plan to develop luxury condominiums, dubbed “Monster in the Mission” by critics.

The San Francisco Chronicle notes that the “cigar-chomping, champagne-collecting Rosania” became known in the world of high-end wines as “Big Boy.” Maximus grew and claimed status as the “fastest growing multifamily investment and development firm in the Bay Area” in 2018, when it had 6,000 units and a plan to add nearly as many in a redevelopment of Parkmerced.

The expansion of Parkmerced — the largest apartment complex in San Francisco — gained approvals from the city 13 years ago but has yet to move forward. It’s unclear whether any entitlements and city approvals would accompany the property if it were sold. In March, the project veered into receivership after Maximus defaulted on nearly $1.8 billion in loans secured by Parkmerced.

Other properties in the Maximus portfolio include a 45-unit-apartment complex called South Shore Alameda; Woodchase in San Leandro, which counts 186 units; and a site next to a nearby BART station that’s approved for 687 residential units.

— Jerry Sullivan