Owner of The Cove apartments defaults on $210 mil loan as its financial troubles grow

San Francisco-based Maximus Real Estate Partners in April defaulted on a loan backed by The Cove at Tiburon, the 283-unit complex located just outside of town limits, according to multiple news agencies citing credit assessor Morningstar. (Francisco Martinez / The Ark)

The owners of The Cove at Tiburon, a 283-unit luxury apartment complex on Barbaree Road just outside Tiburon town limits, have reportedly defaulted on a $210 million loan, which could force a sale or foreclosure.

According to multiple Bay Area publications, bond rater Morningstar announced April 1 that San Francisco-based Maximus Real Estate Partners, headed by investor and wine collector Robert “Big Boy” Rosania, defaulted after the loan reached maturity in March.

The Ark could not independently verify the default with Morningstar after a spokesperson declined to comment, but the San Francisco Chronicle, San Francisco Business Times and real-estate news outlet The Real Deal all cited Morningstar in reporting on the default. The Business Times also cited notes sent to bondholders.

It remains unclear what future control of the property looks like. Maximus did not respond to multiple emails seeking comment over the past two weeks. Cove complex management also did not respond to messages left by phone or during an impromptu in-person visit to its leasing office last week. One Cove employee said they were unaware of any default involving the complex.

Read the complete story in our e-edition, or SUBSCRIBE NOW for home delivery and access to the digital replica.

Comment on this article on Nextdoor.