Douglas Wilson Companies (DWC), the court-appointed receiver of Parkmerced, the 3,221-unit community located in the southwest corner of San Francisco, has taken control of the property from the owner who defaulted on its $1.8B loans.
“We have been given authority from the Superior Court and substantial capital from the lender to immediately focus on repairing and replacing health and safety deficiencies, including inoperable elevators, interior and exterior lighting, water intrusion, and mold issues,” said Douglas Wilson, chairman and CEO of Douglas Wilson Companies. “Our priority is to make sure our current residents are safe and comfortable while living at Parkmerced.”
Brick + Timber, an affiliate of the San Francisco-based real estate firm Ballast, has been engaged by DWC to manage the community with more than 8,000 tenants and has begun overseeing leasing activities and tenant relations.
“We are committing to communicate regularly with the current residents of Parkmerced and the stakeholders in the community, so everyone understands that we are here to deal with deficiencies and make significant improvements to the property,” said Michele Vives, president of Douglas Wilson Companies. “We will keep residents informed through digital and printed newsletters and updates as well as community meetings.” Plans call for noteworthy enhancements that will be noticeable to tenants and neighbors in the immediate future.
DWC will work to preserve the entitlements of Parkmerced’s current redevelopment plan for future developers. The City and County of San Francisco approved the plan, which includes adding more than 8,000 new residences, along with accompanying retail, office, and amenity spaces.
