Two affiliates of Mosser Companies have defaulted on loans connected to San Francisco properties, according to a report from the San Francisco Business Times.
Entities led by Neveo Mosser, CEO of Mosser Companies, received notices of default for loans tied to the Hotel North Beach and an apartment building in Nob Hill. The original loans were issued before the pandemic by Private Bank & Trust Company, which later merged with Silicon Valley Bank. After Silicon Valley Bank collapsed in 2023, First Citizens Bank & Trust Company assumed control of the loan.
The debts include an $11.8 million loan secured by the 159-room Hotel North Beach at 935 Kearny Street and a $14.8 million debt linked to an apartment building at 1499 California Street. The California Street property is four stories tall with 89 units and is reportedly listed for sale at $13 million, or about $146,000 per unit.
This situation adds to a series of recent loan defaults involving Mosser Companies in San Francisco. In early 2024, the company defaulted on a 2018 loan worth $88 million that was backed by 12 buildings containing 459 apartments. Additionally, a joint venture between The Swig Company and Mosser defaulted on a $68 million loan attached to five apartment buildings in the city.
Last year, after being served an eviction notice by its landlord Swig, Mosser Companies left its Financial District headquarters at 220 Montgomery Street. Subsequently, it listed five Oakland apartment properties totaling 173 units for sale. In 2021, tenants in Oakland sued Mosser alleging illegal utility fees and shutoffs and referred to the landlord as a “serial evictor,” according to reports.
Mosser’s affiliates have at least 90 days to resolve the defaults before lenders could initiate foreclosure proceedings. Options include reaching an agreement with lenders or selling properties to pay off some of the debt.
As of last year, Mosser owned and operated more than 40 apartment buildings in San Francisco as well as other properties in Oakland and Los Angeles. 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 for that property.
“— Chris Malone Méndez”
