Historic San Francisco hotel on renowned hilltop flops into personal loan default

SAN FRANCISCO — One particular of San Francisco’s historic inns, nestled atop a popular hill, has tumbled into a loan default that means the house faces foreclosure on its delinquent financing, community paperwork clearly show.

Huntington Lodge, a virtually century-outdated lodging tower perched on San Francisco’s high-class Nob Hill, is in default on its mortgage, paperwork filed on Aug. 16 with the San Francisco County Recorder’s Office environment exhibit.

The personal loan in default totals $56.2 million and was supplied by Deutsche Lender New York Department, which is trying to find to foreclose on the delinquent mortgage, in accordance to the San Francisco house documents.

The economic woes and the home loan delinquency that have engulfed the Huntington Hotel are reminders that the outbreak of the coronavirus proceeds to afflict the lodging, journey, cafe and leisure sectors, in some cases in unanticipated ways and locations.

A cable car passes the Huntington Resort, a luxury historic resort at 1075 California St. atop Nob Hill in San Francisco. 

San Francisco’s financial state in particular carries on to reel from the aftermath of the company shutdowns ushered in by state and regional governing administration officers in their quest to beat the distribute of the lethal bug.

In an odd twist, the total of financing presented at the time of the obtain exceeded what the borrower, an affiliate of Woodridge Capital, paid out for the lodge tower, community filings display.

Los Angeles-primarily based Woodridge Capital purchased the 136-area resort in 2018, shelling out $51.9 million, in accordance to serious estate paperwork.

Which include penalties, late costs and unpaid interest, Deutsche Bank statements that the Woodridge Money affiliate owes the loan company a overall of $61.1 million, the default discover states.

The resort at first was constructed in 1924 as the Huntington Apartments. At the time it was developed, the composition was the initially steel and brick substantial-rise west of the Mississippi River.

Huntington Hotel, a luxury historic hotel at 1075 California St. atop Nob Hill in San Francisco. (Google Maps)
Huntington Lodge, a luxury historic resort at 1075 California St. atop Nob Hill in San Francisco. 

The San Francisco Tax Collector has lodged a notice of a tax lien in opposition to the house, in accordance to a submitting posted on Sept. 9.

In a refreshing indication that the resort has toppled into hard times, the lodging operator claims the facility has closed its doors for the minute.

“Nob Hill Spa, Large 4 Cafe, and Huntington Lodge will all keep on being closed right until even more recognize,” according to a publish on the direct website page of the hotel’s web site.