Liens against the buyer's properties raise new questions about the mayor's proposed long-term effort to ease the effects of homelessness
On the same day investor Douglas Hamm paid more than $13 million for the abandoned warehouse that San Diego Mayor Todd Gloria wants to lease for 35 years, Hamm borrowed more than $17 million from a private lender in El Segundo. According to county property records, companies owned by Hamm took out a pair of mortgages totaling $12.5 million against the proposed future site of a 1,000-bed shelter on Kettner Boulevard. Hamm also borrowed $4.
West Bay Capital LLC similarly did not return messages asking about the hard-money loans. The real estate broker who represented the warehouse's former owner, CALFA Holdings Five LLC, said Hamm never discussed his plans for the property during negotiations and an escrow period that lasted more than one year and was extended at least once. “We didn’t know anything about the buyer's proposed use until after the closing,” broker Robert Brown said in a telephone interview. “That’s it.
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