A total of 66 apartment buildings with nearly 1,600 units belonging to the mega-landlord Veritas could be on the selling block come December, as Veritas is defaulting on yet another giant loan to the tune of $652 million.
The SF-based mega-landlord Veritas Investments has properties all over the West Coast, and was once San Francisco’s biggest landlord. That distinction of course made them Public Enemy Number One in the landlord realm, particularly when they took a $3.6 million PPP loan in 2020 despite being a $3 billion company, and ran the nightclub Club Deluxe off of Haight Street.
But their run of greed met its karmic payback in recent years, as they started defaulting on nearly $1 billion in loans on their SF properties in 2023. In 2024, their defaults forced them to sell off 23 buildings (762 apartments), making them no longer SF’s biggest landlord.
Their 2025 may be going even worse.
Mission Local reports today that Veritas is in default on $652 million in loans, and may have 66 San Francisco apartment buildings foreclosed upon. That site even obtained the default notice from lender RBC Real Estate Capital Corp, which is the real estate subsidiary of the Royal Bank of Canada, and that notice lists all 66 SF properties.
Mission Local’s article has a list of these 66 properties that is a little more easily searchable, and notes that the 66 apartment buildings represent a combined 1,566 units. But if Veritas is your San Francisco landlord, there is a very high likelihood your building is in default and could be sold.
These 66 buildings could be sold at foreclosure within 90 days. The filing is dated September 18, which would make the 90-day mark December 17. Veritas has until five days before that to get into “good standing,” which means paying the $652 million.
Per Mission Local, the default notice does give Veritas the option of a payment plan. And we’re talking large banks and major landlords here, so this could all be a negotiating tactic. But there is the distinct possibility that nearly the entire remaining SF Veritas real estate portfolio could be sold off, without Veritas getting a penny for it.
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