Through a new investment company called Mosser Capital—which he ran with Deborah’s son-in-law Jim Farris as CEO—the pair would solicit sovereign wealth funds, hedge funds and global insurance companies, among other capital partners, to finance a real estate buying spree, according to court documents.
Mosser Capital would award property management contracts to the Mosser Companies Inc.—thus growing the family’s pie.
The 2010s were a boom time for the family and business. Demand for housing in San Francisco surged as the tech industry thrived, driving up rents. And the company’s portfolio swelled as a result.
According to reports, Mosser Capital acquired as many as 20 new apartment buildings as recently as 2022, when it spent over $150 million to acquire more units in Los Angeles, San Francisco and Oakland.
Like many other companies in the industry, each new purchase was fueled by a greater amount of short-term debt, often taken at a variable interest rate.
The math made sense when the federal interest rate was low and occupancy rates were high. As long as properties were generating cash flow, a borrower could afford to pay its lenders, or convince them to refinance and borrow more.
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