Brookfield, a real estate giant, is partnering with Ballast Investments to purchase nearly $1 billion in troubled loans tied to apartments owned by one of the city’s biggest residential owners. Despite retreating from other sites in San Francisco, including the city’s biggest mall, Brookfield is moving forward with the $800 million apartment deal.
Last year, Brookfield raised $17 billion from investors for a real estate fund, and its partnership with Ballast Investments will provide the necessary funding for the Veritas loan purchase. This significant investment showcases Brookfield’s confidence in the city’s real estate outlook and its interest in distressed properties.
Brookfield’s involvement in the deal comes at a time when the company is pulling back from other projects in San Francisco. It is in the process of giving up ownership of the San Francisco Centre, the city’s biggest mall, and paused construction on the $3.5 billion Pier 70 megaproject due to rising costs and stagnant demand for office space.
Additionally, Brookfield’s 415 Natoma St. project has been put on hold. However, the company’s partnership with Ballast Investments for the $800 million apartment deal shows that Brookfield is still interested in investing in San Francisco’s real estate market.
Brookfield’s partnership with Ballast Investments for the $800 million apartment deal is a significant investment that showcases the company’s confidence in San Francisco’s real estate outlook and its interest in distressed properties. Despite pulling back from other projects in the city, Brookfield is still interested in investing in San Francisco’s real estate market.
