CIM Group’s 165,000 SQFT Central Tower Heads to Foreclosure in San Francisco After $98MM Default
Why this matters
Capital markets activity continues to be defined by the rotation from bank balance sheets to non-bank lenders. Private credit funds have raised record dry powder; banks have tightened CRE underwriting standards for the sixth consecutive quarter. The result is a market where well-sponsored deals clear, and marginal credit pays a meaningful spread to do so. San Francisco continues to clear office at the deepest discounts to 2019 basis seen in the cycle, while multifamily fundamentals have stabilized and life sciences in the Peninsula remains active. For LPs, the allocation conversation has shifted decisively toward real estate debt, with equity allocations being deployed more selectively into operator-led platforms.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The 126th San Francisco story tracked on the wire in September 2026. All San Francisco coverage →
Computed from Real Estate Trail’s own tracked coverage
A freshly recorded appraisal reduction and a slide past 121 days delinquent have deepened the distress at the historic Central Tower, where special servicer Rialto Capital Advisors is now steering the two-building San…
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