By Roland Li
The owner of the Hilton Financial District at 750 Kearny St. said Friday that it defaulted on a $97 million loan, according to a securities filing. Portsmouth Square Inc.’s affiliate Justice Operating Company LLC was issued the notice of default for the 544-room hotel.
The company said it has proposed a loan modification agreement that is under review by special servicer LNR Partners. It warned that an agreement may not be reached and its lenders could potentially seek to foreclose on the property. The loan was originated in 2013 by Bank of America and others.
Source: San Francisco Chronicle