San Francisco apartment building facing foreclosure, significant decline in value

Aislinn Murphy
Fri, October 20, 2023 at 4:58 PM EDT · 2 min read

An apartment building in San Francisco has reportedly experienced a large decrease in its value compared to where it stood in 2018.

The San Francisco Chronicle, citing data from Trepp, reported Thursday that the building, the Crescent Heights-owned NEMA, had its value decline by $264.6 million, hitting $279 million, more than a 48% drop from 2018, when it was worth $543.6 million.

Trepp had also tweeted about it Wednesday. The company, which tracks structured finance, commercial real estate and banking markets, said the commercial mortgage-backed securities (CMBS) loan connected to it was $384 million.

The Mid-Market area of San Francisco, where the headquarters of X (previously known as Twitter) and other office buildings are located, houses NEMA. The roughly 10-year-old building has 37 floors and 754 rental units, according to the Crescent Heights website.

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