An Oakland site being eyed for a mixed-use development that would feature more than 1,000 residences has staggered into a loan default and faces foreclosure, Alameda County real estate files show.
The project, located at 500 Kirkham Street in West Oakland, was one of several proposed projects that collectively were expected to usher in a dramatic transformation of the neighborhood next to the local BART station.
San Francisco-based Panoramic Development proposed the project, which is bounded by Kirkham Street, 7th Street, Union Street, and 5th Street, according to city planning documents.
“500 Kirkham is Panoramic’s proposed new workforce housing development, adjacent to the West Oakland BART station,” the real estate firm says in a post on the company’s website.
The development was expected to add 1,032 housing units, along with 35,000 square feet of retail, grocery, restaurant, and office spaces.
An estimated 85 affordable residences were expected to be part of the development.
Now, however, the project site faces loan delinquency and default, and possible foreclosure of the mortgage, documents filed on March 29 with the county Recorder’s Office show.
Panoramic Development, acting through an affiliate, received a $6.25 million loan in 2021 from CPIF California, which is an entity controlled by Columbia Pacific Advisors.
That loan is in default and the amount owed, including principal, interest, late fees, and penalties, has ballooned to slightly over $13 million.
In 2017, Panoramic’s affiliate paid slightly over $8 million for the properties where the development would be built.
Panoramic, however, has yet to obtain a construction loan to finance the actual building of the project, which was slated to occur in phases.