Prado Group takes 23 ex-Veritas SF buildings, $362M debt
Prado Group has taken 721 San Francisco apartments from Veritas after buying the Rialto-held debt, per Bisnow. Price was not disclosed.
- Source Briefing
- Read original source · Bisnow
- Also reported by The Real Deal
Prado Group, a San Francisco firm, has taken over a portfolio of former Veritas Investments apartment buildings after first buying the debt on them from Rialto Capital, Bisnow reported on November 11. The deal covers 721 apartments in more than 20 buildings, and the price was not disclosed.
Why it matters
Veritas was once the city’s largest multifamily landlord, and this is another step in the unwinding of that portfolio. Per Bisnow, Prado bought the loans from the lender before taking the properties, which makes the buyer the creditor first and the owner second.
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Bisnow lists seven neighborhoods: the Tenderloin, the Mission and Nob Hill, plus Russian Hill, Lower Haight, Noe Valley and Alamo Square. It lands days after Fort Point’s 59-building purchase, and our San Francisco coverage now shows two sizable apartment portfolios changing hands in one week.
The numbers
Per Bisnow, Prado funded the deal with a $265M loan against the buildings from an affiliate of PGIM, Prudential’s investment arm. Bisnow also put defaulted debt on 23 of the buildings at about $362M when the deal closed, citing San Francisco Assessor-Recorder records, and credited the San Francisco Business Times for the related deed-in-lieu reporting. We have not independently confirmed that figure.
Bisnow traces the backstory to two earlier blowups. In 2023 Veritas fell into default on roughly $1B of borrowings spanning 95 buildings and over 2,450 units, per the San Francisco Chronicle. A $570M loan on about 1,500 apartments followed in 2025, and Prado took those buildings back through deed-in-lieu transfers. The Real Deal also covered the sale on November 11.
For our own record, this is the second Prado Group item we have run in two weeks, after its 3700 California permit on October 29.
What’s next
Neither the price nor the terms of the Rialto debt purchase were disclosed, so the discount Prado paid is unknown. Watch for recorded deeds and the PGIM-affiliate deed of trust at the San Francisco Assessor-Recorder, which would show the final loan amount and any further transfers.
More in Foreclosure & Distress News.
Quick answers
- What is the latest on Prado Group in San Francisco Bay Area?
- Prado Group has taken 721 San Francisco apartments from Veritas after buying the Rialto-held debt, per Bisnow. Price was not disclosed.
- What are the key numbers for Prado Group?
- apartments: 721; PGIM-affiliate loan: $265M; defaulted debt: $362M.
- Where does the information on Prado Group come from?
- The story cites Bisnow and The Real Deal.
On the record
This is our second Prado Group story in two weeks, after its 3700 California Street permit on October 29, and the second large San Francisco apartment portfolio transfer we have covered in a week, after Fort Point's 59-building purchase on November 6.
Our coverage · Read our earlier story
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