G
oogle co-founder Sergey Brin's affiliate, 1844 Market CA LLC, has acquired a $54.5 million loan linked to the Venn on Market building, an eight-story apartment complex in San Francisco's Hayes Valley and Duboce Triangle neighborhoods. The seller was MF1, a joint venture between Berkshire Residential Investments and Limekiln Real Estate, which initially lent the money for the 113-unit property built by MacFarlane Partners and AIG Global Real Estate (now Corebridge Real Estate Investors).

    Corebridge owns the building and has been struggling to cover debt service due to declining occupancy rates. The complex was 96% occupied before the pandemic but dropped to 75% in September 2020, with rental income falling by a third from its peak in 2018. By this summer, Venn had recovered some ground, reaching an 84% occupancy rate.

    The loan's status is unclear, and it's uncertain whether Brin will work with Corebridge to take control of the property through a deed-in-lieu transfer for $482,301 per unit. The deal positions 1844 Market CA LLC to potentially acquire the building, which was valued at $80 million in 2019.

    Brin has been active in real estate investments, including purchasing a $35 million Malibu home in April 2022. His family office, Bayshore Global Management, is based in Palo Alto and has ties to nearly two dozen limited liability companies.