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Parkmerced Stumbles Toward Default

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Parkmerced owner Stellar Management says its 3,000-unit constellation of garden apartments is headed toward default, with $500 million in loans due in October. Guess we'll take them at their word that everything's fine — that residents won't be impacted ("phone calls will be answered"), and that they're continuing with their work on a 20-year plan to triple the size of the community. Parkmerced's engaging in a "not uncommon" move with a "special servicer to support the payments of the loan." [SF Business Times, previously]