"A new apartment complex in Oakland that was developed as a live-work residential hub was seized by its lender after a loan failure that exemplifies the frail state of the city's apartment market. The 102-unit residential property at 1919 Market St. in West Oakland is now owned by an affiliate of Parkview Financial REIT, documents filed on Jan. 7 with the Alameda County Recorder's Office show."
"Parkview Financial paid $37.5 million to take ownership of the complex, a Jan. 7 trustee's deed shows. The unpaid debt at the time of the formal foreclosure was $58.5 million, according to the trustee's deed. The property went through an involved process before ultimately landing in the hands of its lender. An affiliate of the project's developer, oWow, lost ownership of the property through the foreclosure."
A 102-unit live/work residential property at 1919 Market St. in West Oakland transferred to an affiliate of Parkview Financial REIT following foreclosure. Parkview Financial paid $37.5 million, while the unpaid debt at formal foreclosure was $58.5 million. An affiliate of developer oWow lost ownership. Parkview provided $32 million in construction financing in 2019 and modified the loan in 2020. Parkview filed a deed in lieu of foreclosure in June 2025, followed by a notice of default in August 2025 and a proposed foreclosure sale notice in December 2025. The project is an affordable live/work adaptive reuse of a former Greyhound bus terminal. The foreclosure reflects ongoing weakness in Oakland's apartment market, including foreclosures and discounted property purchases.
Read at www.mercurynews.com
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