CP III Rincon Towers v. Assessment Appeals Board
Rincon EV Realty LLC and Rincon ET Realty LLC (collectively, Rincon), along with a third entity, purchased a San Francisco apartment complex (the Property) in 2007, financing the purchase in part with a $110 million loan. In October 2010, after changes in the ownership of the loan, CP III Rincon Towers, Inc. (CP III) purchased the Property at a nonjudicial foreclosure sale. Between February 2009 and September 2010 (i.e., prior to the foreclosure sale), Rincon filed four applications with the Assessment Appeals Board of the City and County of San Francisco (the Board), challenging certain assessments of the Property. Beginning in 2011, CP III sought to be substituted as the applicant in connection with the four assessment appeals. The Board denied CP III’s request, but ruled it could participate with Rincon in one of the assessment appeals.
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