"Telegraph Arts, a 97-unit apartment building at 471 26th St., is in default on a $31.6 million loan issued to its owner. The Moran, a 78-unit five-story apartment property at 570 21st St., has defaulted on a $20.7 million loan provided to its owner, county files show. Both properties are owned by Switzerland-based investment company UBS, acting through an affiliate of its Trumbull Property Fund."
"CBRE Capital Markets has scheduled separate foreclosure proceedings for the apartments this spring, during which the residential hubs will be placed on the auction block. If buyers don't emerge, the lender is threatening to seize the properties. The apartment properties fell into default on their loans in July 2024, documents on file with the Alameda County Recorder's Office show."
"The investment bank's Trumbull entity bought the development site at 471 26th St. in 2017 for $6.7 million. The real estate firm obtained a $34.3 million construction loan at that time to build the seven-story apartment hub that would become Telegraph Arts. It was completed in 2019."
Telegraph Arts, a 98-unit apartment complex, and The Moran, a 78-unit apartment property, both located in downtown Oakland's Uptown neighborhood, have entered foreclosure proceedings scheduled for spring. Telegraph Arts defaulted on a $31.6 million loan, while The Moran defaulted on a $20.7 million loan. Both properties are owned by Switzerland-based UBS through its Trumbull Property Fund affiliate. CBRE Capital Markets, which provided the original financing in 2020, has scheduled the foreclosure auctions. The properties will be placed on the auction block, with the lender threatening seizure if no buyers emerge. The defaults occurred in July 2024, signaling weakness in Oakland's multifamily residential sector.
#oakland-real-estate-foreclosure #multifamily-residential-sector-weakness #ubs-trumbull-property-fund #uptown-apartment-defaults
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