HSH Holdings Acquires Mission Bay Condo Complex From Avidbank For $14M

A foreclosed condo complex in Mission Bay, San Francisco, has been sold by Avidbank to HSH Holdings for $14 million. The property, located at 603 Tennessee Street, consists of 24 units with a total area of 24,000 square feet. The sale price translates to approximately $583,333 per unit and $583 per square foot.

Summary of transaction details

• Property Type: Condo
• Transaction Amount: $14,000,000
• Address: 603 Tennessee Street
• Market: San Francisco
• Buyer: HSH Holdings - Ed Ali Bozorghadad
• Seller: Avidbank - Mark Mordell
• Broker: Alexander Kolovyansky - Vanguard Properties
• Units: 24
• Price Per Unit: $583,333
• Total Square Footage: 24,000
• Price Per Square Foot: $583

The condo complex, previously owned by Sol Properties, faced financial issues, leading to $15.4 million in unpaid debt. Furthermore, permitting delays resulted in extended vacancies despite the construction being completed over two years ago. Despite these challenges, HSH Holdings saw the potential and acquired the property at a favorable price.