It’s not easy landlording in San Mateo

It seems that commercial properties are not doing well in the current climate because many commercial loans are quite short term and developers and property owners often have to refinance their loans to pay off older loans. One large property owner in East Palo Alto is Page Mill Properties, and they own around 1700 units in the city. The latest news is that they have not paid Wells Fargo a $50 million balloon payment. Additionally, the city of East Palo Alto has been suing the company for raising rents and evicting tenants.

Could this mean that many more apartments will come up for sale soon?

September 2, 2009 | Filed Under City of East Palo Alto

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