Rincon EV Realty LLC v. CP III Rincon Towers, Inc.

Opinion

STREETER, J.

—Plaintiffs Rincon EV Realty LLC, Rincon ET Realty LLC and Rincon Residential Towers LLC borrowed $110 million in 2007 from Bear Stearns Commercial Mortgage, Inc. (Bear Stearns), to finance the purchase of Rincon Towers, a San Lrancisco apartment complex (the Property). In 2010, after plaintiffs failed to repay the loan and after changes in the ownership of the loan, defendant CP III Rincon Towers, Inc. (CP III), purchased the Property at a nonjudicial foreclosure sale. Plaintiffs sued CP III and seven other entities who were involved in administering the loan, unsuccessful…