"Fame, but no fortune? I recently wrote about two pieces of real estate that once upon a time each had a moment in the sun: A beachfront mixed-use property that was home to Snapchat and synonymous with the social media company's rise, and an apartment building that was featured on the Eagles' Hotel California album back cover. The former sold, but for less than its prior purchase price and only after a struggle to lease it."
"The latter is now scheduled for a foreclosure auction, with San Francisco multifamily stalwart Neveo Mosser and his Mosser Capital owing $29.4 million. A notice of default went out before an auction for the apartments at 6500 Yucca Street was scheduled for October 28. Maybe it wasn't such a lovely place after all the refrain from the Eagles' title track notwithstanding or maybe the pending auction says more about Mosser's troubles."
"Meanwhile, the pair of three-story oceanfront buildings in Venice, home to Snapchat when it was headquartered in the Silicon Beach neighborhood, sold for $30.7 million. The 10 live-work lofts and ground-floor retail at 619 and 701 Ocean Front Walk were purchased by Stefan Ashkenazy, who owns the Petit Ermitage, a boutique hotel in West Hollywood. The seller, DLJ Real Estate Capital Partners, purchased the property for $40.5 million in 2014."
Two notable properties experienced financial reversals. The Venice beachfront mixed-use buildings that housed Snapchat sold for $30.7 million, down from a $40.5 million 2014 purchase; the live-work lofts and ground-floor retail at 619 and 701 Ocean Front Walk were bought by Stefan Ashkenazy. The apartment building at 6500 Yucca Street is scheduled for a foreclosure auction after Neveo Mosser and Mosser Capital were reported owing $29.4 million and a notice of default was filed. Mosser Companies earlier defaulted on an $88 million loan tied to 12 San Francisco buildings. Cathay Bank sued Laeroc Partners over a claimed $31 million default; Laeroc denied the allegations and sought dismissal with prejudice and legal-cost recovery.
Read at therealdeal.com
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