The Four Seasons San Francisco is heading closer to foreclosure after lenders rejected owner Millennium Partners’ proposal to renegotiate the loan on the property, according to the credit-rating agency Realpoint.
In June, Millennium Partners “strategically withheld payment of debt service” on the $90 million loan in an effort to force the servicer on the loan, LNR Property Corp., to enter into negotiations. In October, Millennium “submitted a proposal that the servicer deemed to be unacceptable,” according to Realpoint
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