Prado Group takes over 20 multifamily properties in SF from Veritas
Company previously paid $124M to buy mortgages tied to the apartments
Prado Group took ownership of 20 multifamily buildings plus a vacant lot from Veritas Investments, after purchasing the debt tied to those properties.
Veritas sold mortgages tied to the 316-unit portfolio to Prado for $124 million in October. In a series of transactions that closed on Nov. 17, Prado took ownership of the properties, according to the San Francisco Business Times. The loan portfolio consisted of seven loans totaling $115.8 million in outstanding debt; San Francisco-based Veritas had defaulted on several of the loans in January, the Business Times reported.
The interactive map below shows the properties in Prado’s new apartment portfolio.
The Prado deal represents one prong of Veritas’ divestment strategy. The company, one of San Francisco’s largest apartment landlords, also sold a larger multifamily portfolio to Ballast Investments and Brookfield for $800 million. It includes 75 multifamily properties with 2,149 units.
The Prado Group, founded by Dan Safier and Craig Greenwood, paid more than $50 million in December to buy the former California Pacific Medical Center campus at 3700 California Street in Presidio Heights. The property came with approvals to build 273 homes.