Neveo Mosser Sells SF Apartment Building For $16.5 Million

Neveo Mosser, chief executive of Mosser Companies and member of a notable San Francisco real estate family, sold a Nob Hill apartment building after defaulting on a multimillion-dollar, JPMorgan-backed loan tied to the property that veered into receivership.

A shell company connected to Cypress Capital Investments purchased the 75-unit, mid-rise apartment building at 1060 Bush Street for $16.5 million, or $220,000 a unit, earlier this month, according to property records. Garrett Brasseaux, Cypress Capital Investments founder and managing principal, is named in the deed, and Mosser is named as the grantor.

Mosser purchased the apartment building in 2004 for $8.6 million. He defaulted on a $14 million loan at the property in May, and a judge appointed the Bay Area Receivership Group’s Gerard Keena as a receiver a month later, property records and court documents show.

Colliers’ Brad Lagomarsino and Dustin Dolby represented Mosser in the acquisition of the roughly 47,000-square-foot multifamily property. The apartments sold below the apparent $19.25 million asking price seen on the listing. Lagomarsino and Dolby did not respond to a request for comment. Nor did Mosser, Brasseaux or Keena.

The Mosser real estate empire has amassed $1.5 billion in assets and thousands of apartments in San Francisco, Oakland and Los Angeles since its founding in 1955 by the late Charles William Mosser. Neveo Mosser was the chosen successor — but a battle among the family played out in court after Mosser Companies defaulted on an $88 million loan tied to 12 apartment buildings in San Francisco last year.

“We have our long-term, decades-old family portfolio, and then we have some buildings that we’ve had with some of our investment partners,” Mosser told The Real Deal last year. “For the latter group, it’s the culmination of what has happened over the three-year pandemic closure, plus the rise in interest rates, and if you had maturities that were coming up,” he said, referring to the 12-multifamily property portfolio.

“Ultimately, it’s up to the bank or the lender,” he continued. “Do they believe in San Francisco or are they watching Fox News continuously, or looking at the New York Post? So far for us, the portfolio has not been sold and we still continue to operate it. We’re active and trying to go ahead and purchase that with another investor. So banks are really the key.”

The San Francisco multifamily sector is showing signs of recovery and stability, a Colliers second-quarter report indicates, after dealing with increased vacancies and a “doom loop” narrative.