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Korea’s MDM Backed Gaw San Francisco, Tokyo Buys – Mingtiandi

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Korea’s MDM Backed Gaw San Francisco, Tokyo Buys – Mingtiandi


North Park San Francisco

North Park MDM is reported to have backed Gaw Capital Partners’ acquisition of North Park in San Francisco

In recent months Korean investors have been reported to have lost as much as 70 percent on US office investments made before the pandemic, but institutions from the home of BTS and Blackpink may still be open to new opportunities in the land of freedom, with a Seoul-based asset manager recently coming out as having backed Gaw Capital Partners acquisition of a San Francisco office project late last year.

MDM Asset Management said earlier this month that it is a co-investor in Gaw Capital Partners’ $90 million October acquisition of the North Park campus on the Embarcadero waterfront from Blackstone, with the firm explaining the deal as part of an overseas expansion plan.

“We are investing in creating new markets, looking beyond the immediate crisis to the distant future,” MDM International chief executive Kim Jae-chan, told local media. “We will selectively invest in various global partnerships and overseas high-quality assets, considering the economic downturn as an opportune time for investment.” Gaw Capital had not responded to inquiries from Mingtiandi by the time of publication.

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Showing a taste for opportunistic deals, MDM also backed Gaw Capital’s $409.3 million joint acquisition of the Hyatt Regency Tokyo hotel with KKR in March last year, the Korean firm said, as that property’s owner, transportation giant Odakyu Electric Railway, continues to reel from the impact of the pandemic.

Digging into Discounts

In San Francisco, Gaw and MDM achieved around a two-thirds discount when acquiring the low-rise commercial complex, compared to the $245 million that Blackstone had paid to buy the property from Gaw Capital in 2018. In speaking to Korean media, MDM described the investment as a vote of confidence in San Francisco’s resiliency.

Jinseong Kim MDMJinseong Kim MDM

MDM International chief executive Richard Kim Jae-chan

“Given the excellent surrounding environment and the city’s ability to swiftly overcome global financial crises, it is a preferred location for information technology companies and investment firms,” MDM said, expecting the asset to overcome the challenges of the global market thanks to its location

Office vacancy in San Francisco has climbed for 15 straight quarters with more than 30 percent of Grade A space in the city left unoccupied at the end of September, which was up by 25 percentage points from the end of 2019, according to a report from JLL.

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MDM’s belief in the US market comes despite its compatriots at Mirae Asset Global Investments having reportedly taken a 30 percent haircut last October when they sold a four building office complex in Dallas for $580 million. A Mirae US real estate fund which matured in May of this year is said to have lost 70 percent of its value as its office bets went bad.

Together in Tokyo

In Japan, MDM backed Gaw Capital’s investment in the 746-room Hyatt Regency, with the Korean firm describing the deal as an opportunity to profit from financial disruption in the wake of COVID-19.

“During the pandemic, many Japanese corporations faced liquidity issues, which led to the Hyatt Regency Hotel being offered for sale at a discounted price. With the relaxation of epidemic measures and increase in tourism with trends like ‘revenge travel’, it was a good opportunity to invest in undervalued assets during the COVID crisis. Since the hotel has aged, we plan on doing interior renovations over the next two years before reselling,” a representative from MDM told local media.

Odakyu Electric Railway, one of Japan’s largest travel companies, described the sale of the  71,512-square-metre luxury hotel as part of a larger effort to restore the company’s financial health and restructure its business portfolio after the pandemic.

Situated next to Shinjuku Central Park and the Tokyo Metropolitan Government Building, the Hyatt Regency’s new owners are said to have plans to upgrade the 1980-vintage building.

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MDM, which has a development business which had supplied 22,775 residential units across Korea as of February 2022, also teamed up with Gaw Capital to make its first overseas acquisition in 2017 when it invested in the Hong Kong company’s third US fund.

Familiar with Korean Capital

In addition to the partnership with MDM, in 2022 Gaw Capital worked with Gangnam-based private equity firm IMM Investment to invest in Dreammark1, a data centre operator in Seoul.

In October 2018, Gaw Capital, Korean Teachers’ Credit Union and other Asian investors agreed to acquire the 4 and 5 Harbour Exchange on London’s Isle of Dogs for £36.2 million.

Gaw Capital teamed with Korean sovereign wealth fund KIC to acquire Hong Kong’s Intercontinental Hotel for $938 million in 2015, with the partners having since reopened that 503-room Kowloon property under the Regent brand.



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San Francisco, CA

Eastbound I-80 closure in San Francisco snarls traffic, slows business

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Eastbound I-80 closure in San Francisco snarls traffic, slows business


One of San Francisco’s busiest freeways remained shut down Saturday, creating major traffic delays and dampening business for some local restaurants and shops.

All eastbound lanes of Interstate 80 just before the Bay Bridge are closed as crews work around the clock to rehabilitate the roadway. The 55-hour shutdown, which began on Friday night, is scheduled to last until Monday morning in time for the commute.

The closure has forced drivers onto detour routes, leading to heavy congestion for those trying to reach the East Bay, including Oakland and Berkeley. 

The impact is being felt beyond the roadways.

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At MoMo’s, a restaurant across from Oracle Park, staff found business noticeably slower.

“A little bit more mellow than usual. We usually see a little bit more foot traffic, a little bit more people on Saturdays,” said Daniel Bermudez, executive chef at MoMo’s.

Bermudez believes the freeway closure may be discouraging visitors from coming into the city this weekend, despite favorable weather.

“The weather is beautiful today. It’s nice and sunny. So we have plenty of tables outside,” he said.

With the San Francisco Giants playing an away game, the restaurant had hoped fans would still gather to watch, but turnout during game time remained light.

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“This is kind of like our off-season Saturday. A lot slower than our baseball weekend,” said Casandra Alarcon, general manager at MoMo’s.

Other small businesses in the Mission Bay and South of Market neighborhoods reported similar trends, saying most of their customers are regulars who live nearby rather than visitors.

“A little bit slower for sure. Before, we had tourists come and walk to the baseball park,” said Ajaree Safron, manager at Brickhouse Cafe & Bar.

Caltrans has shut down eastbound lanes between 17th and 4th streets to repave the 71-year-old roadway. The goal is to extend the life of the Bayshore Freeway by another decade.

City and transportation officials said the timing of the closure was intentional, noting fewer major events scheduled in San Francisco this weekend, aside from the Cherry Blossom Festival.

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Westbound lanes remain open, and officials said traffic heading into San Francisco from the East Bay has not been significantly affected.

“Getting into the city, it wasn’t too bad.  Regular [traffic], what we expect on a Saturday morning,” said visitor Andrea Inouye.

While the closure has posed challenges for businesses, some workers said they are taking it in stride.

“Hopefully, it’s not for too long and we get past it, and get back to our normal routine,” Bermudez said.

Despite early concerns about widespread gridlock, transportation officials said the region has avoided the worst-case scenario. Traffic remains heavy in areas near detours, but the anticipated “carmageddon” has not materialized, in part because many drivers chose to avoid the area or take public transit.

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Trio of Bay Area High School baseball games at San Francisco Giants’ Oracle Park

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Trio of Bay Area High School baseball games at San Francisco Giants’ Oracle Park


Bay Area High School baseball fans are treated to a rare opportunity Saturday (April 18) with three games at Oracle Park, home of the San Francisco Giants, including the famed Bruce-Mahoney clash between West Catholic Athletic League rivals St. Ignatius and Sacred Heart Cathedral.

The first pitch of the 20th annual Dante Benedetti Baseball Classic starts at 11 a.m. and pits two more San Francisco private schools as University (9-7), winners of four straight, taking on Riordan (5-11). 

That will be followed by the Bruce-Mahoney game at 2:30 between St. Ignatius (12-5, 4-2 WCAL) and the Irish (7-10, 1-5) and finished off with a North Coast Section clash between North Bay’s Marin Catholic (9-7) against Acalanes (7-6-1).  

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The Benedetti Classic, founded by Dante’s Boys Foundation board member Tom Lounibos and Giants president Larry Baer, benefits the DBF which honors the spirit of Benedetti who for nearly 40 years owned San Francisco’s Mr. Baseball nickname for his kindness and generosity to baseball-playing youth in the area. 

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Among their philanthropic efforts are glove and baseball equipment drives, field renovations and contributions to scholarships and sponsorships.

After starting the season 0-4 — three of those losses were by one run — University, under head coach Andrew Suvunnachuen, has found its way, winning the last four, all in Bay Counties League play, by a combined 51-6 count over Lick-Wilmerding (16-1 and 11-3) and San Domenico (13-2 and 11-0). 

Senior catcher and pitcher Jett Messenger leads the way with a .447 average, while getting on base at a .638 rate. He also leads the team with 20 stolen bases. Junior third baseman Tate Gebhart is hitting .419, while Leo Felder and Behbart share the RBI lead with 15 each. 

 Junior Matthew Foley is 3-2 on the mound with a 2.38 ERA and 25 strikeouts in 17.2 innings. 

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Riordan, under second-year head coach Craig Sargent, was 5-5 in nonleague games but lost six straight in the rugged WCAL, losing two tough games this week to Mitty (3-2 and 7-4). Junior third baseman and pitcher Santiono Williams leads the team in batting average (.371), on-base percentage (.488) and stolen bases (nine). He’s also been the team’s top pitcher at 4-2 with a 2.84 ERA. 

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The teams have split two previous games in their history, with Riordan winning 2-0 in 2023 and University prevailing 5-0 in 2021.   

St. Ignatius, led by ninth-year head coach Brian Pollzzie, has already secured the Bruce-Mahoney trophy with four straight wins — one each in football, girls volleyball, boys basketball and girls basketball — but this rivalry is always spirited. 

The Wildcats, who are ranked fourth in the Bay Area by the San Francisco Chronicle, are coming off a tough 3-0 home loss to No. 2 St. Francis on Friday after beating the host Lancers 10-6 on Tuesday. 

The team is led by Stanford-bound Archer Horn, who is hitting .486 with four home runs and a .604 on-base percentage. The shortstop and pitcher also has not allowed an earned run in three pitching appearances while registering one save. 

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Archer Horn is also a standout shortstop on top of a being St. Ignatius’ closer | Photo by Paul Ghiglieri/St. Ignatius

Pitching is a team’s strength with a 2.59 ERA, led by a brigade of strong arms including Leo Rhein (2-0, 2.38), Tycco Giometti (2-1, 2.62), Charlie Stecher 1-1, 0.72) and Chase Gordon (1-0, 2.80). The team is missing standout Finn Demuth, out of the season after undergoing Tommy John surgery. 

Sacred Heart Cathedral, led by fourth-year head coach Gregg Franceschi, has scored 60 runs on the season and given up 61. The Irish are coming off two losses to eighth-ranked Valley Christian (5-2 and 10-1). 

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They are led offensively by junior outfielder Brody O’Sullivan (.381) and senior infielder Jacob Vines (.378). Johnny Nepomuceno and Max Nylander are other run-producers. Zach Stallworth (37 strikeouts, 29.2 innings) and Cooper Rogers Lewis (0.25 ERA) have been the team’s top pitchers. 

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The series has been remarkably close since 2005 with Sacred Heart Cathedral holding a 27-20 edge, though St. Ignatius won both games last season (5-0 and 6-3) after the Irish won 9-7 and 1-0 in 2024.

Marin Catholic hopes to get back to winning after starting the season 9-1, but have since lost six straight, four in Marin County Athletic League play, including 4-2 to Novato on Thursday. Senior outfield Luke Martin is the team’s leading hitter at .478 while senior infielder and pitcher Cooper Mitchell is at .455. Senior infielder Walker Untermann leads the team with 15 RBIs. 

Acalanes is at the other end of the spectrum, winners of five of six after a 2-5-1 start. Junior infielder Tyler Winkles, also a highly recruited quarterback in football, leads the team with a .383 average and nine stolen bases. Riley Gates (2-3, 2.49 ERA, 30 strikeouts) is the team’s top pitcher. 

The teams have played three times, all since 2022, with Marin Catholic owning a 2-1 lead. Acalanes won last year’s game 8-7.

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Fatal Chinatown crash leads to arrest of elderly driver

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Fatal Chinatown crash leads to arrest of elderly driver


A 76-year-old man has been arrested on suspicion of vehicular manslaughter and speeding following a crash in San Francisco’s Chinatown that killed a man working in the area.

Zhuo Ming Lu, 76, is accused in the March 27 crash that left 49-year-old Cutberto Zamora-Martinez, of San Joaquin County, dead.

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Suspect was trying to park

What we know:

Authorities said Lu was attempting to park near Grant Avenue and Jackson Street when his vehicle jumped the sidewalk and crashed into the landmark New Lung Ting Café, also known as the Pork Chop House. The vehicle also struck two pedestrians, including Zamora-Martinez.

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Zamora-Martinez died from his injuries.

He had been working in the area, according to a GoFundMe page. A San Francisco Police Department source close to the investigation told KTVU the victims were carpet installers arriving for work.

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The fundraising page described Zamora-Martinez as a husband and father who was the sole provider for his family and “a humble man who wanted the best for his family.”

Before his arrest, Lu had been cooperating with investigators. Authorities have not confirmed what caused the crash.

Some residents questioned whether the driver’s age or a possible confusion between the brake and gas pedals may have been factors.

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“Maybe if people hit a certain age, you got to get retested for your driver’s license is something I was thinking about,” said Keith Hong, who works next door to the crash site.

Another case involving an elderly driver

Big picture view:

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In an unrelated case, Mary Fong Lau, 80, was sentenced to probation after killing a family of four, two parents and their young children. in March 2024. Authorities said Lau struck the victims as they waited at a Muni stop on their way to the zoo.

Lau pleaded no contest to four felony counts of vehicular manslaughter, and a judge accepted the plea. A Superior Court judge cited her age, remorse and lack of criminal history in the sentencing decision.

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She was placed on probation for two years, banned from driving for three years and ordered to complete 200 hours of community service.

The Source: San Francisco Police Department, prior reporting

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