Mosser Companies Defaults on San Francisco Loans

Two Mosser Companies affiliates defaulted on loans tied to San Francisco properties.

Entities led by Mosser CEO Neveo Mosser received notices of default on loans linked to the Hotel North Beach and an apartment building in Nob Hill, the San Francisco Business Times reported.

The loans originated before the pandemic from Private Bank & Trust Company, which merged with Silicon Valley Bank. First Citizens Bank & Trust Company took over the loan following SVB’s collapse in 2023.

The debts include an $11.8 million loan backed by the 159-room Hotel North Beach at 935 Kearny Street and a $14.8 million debt tied to the apartment building at 1499 California Street. The California Street building, rising four stories with 89 units, is reportedly listed for sale at $13 million, or $146,000 per unit.

It’s the latest series of loan defaults for San Francisco-based Mosser Companies. Early last year, the firm defaulted on a 2018 loan for $88 million tied to 12 buildings and 459 apartments. A joint venture between The Swig Company and Mosser also defaulted on a $68 million loan tied to five apartment buildings in San Francisco.

Last year, Mosser Companies exited its Financial District headquarters at 220 Montgomery Street after being served an eviction notice by landlord Swig. After that, it listed five apartment properties with 173 units in Oakland. In 2021, Mosser was sued by tenants in Oakland alleging illegal utility fees and shutoffs and called the landlord a “serial evictor,” the outlet said.

The Mosser Companies affiliates have at least 90 days to take care of the default before the lender could serve the firm a notice of potential foreclosure auction. The borrowers could reach a mutual agreement with the lender, including selling the properties to recoup some of the debt.

Mosser owns and operates at least 40 apartment buildings in San Francisco and other properties in Oakland and Los Angeles as of last year. Earlier this summer, a Mosser affiliate sold another Nob Hill apartment building at 1060 Bush Street for $16.5 million after defaulting on its JPMorgan-issued loan linked to the property.

— Chris Malone Méndez