OAKLAND — An Oakland residential tower has been seized by its lender as a consequence of a delinquent real estate loan on the high-rise that has turn out to be a focus in town's skyline.
A high-rise apartment constructing at 1700 Webster Street in downtown Oakland has been seized by its lender in what’s generally known as a “deed in lieu of foreclosure” proceeding, in response to documents filed Aug. 28 with the Alameda County Registry of Deeds.
ZO Oakland Apartments, because the 206-unit residential tower is known as, rises 24 stories above downtown Oakland, in response to a post by Suffolk Construction, the skyscraper's general contractor.
A subsidiary of real estate firm Gerding Edlen developed the tower, which was a notable addition to the downtown Oakland skyline upon its completion in 2019. According to Suffolk Construction, it was the primary high-rise in Oakland to start construction since 2008.
In 2020, Portland, Oregon-based Gerding Edlen, through its subsidiary, received a $90 million loan from The Union Labor Life Insurance Co., a 97-year-old insurer based in Washington, DC
When Union Labor Life Insurance repossessed the tower, there was a remaining balance of $89.8 million on that loan.
It was not immediately clear what the life insurance company plans to do with the residential tower, but lenders typically prefer to seek out latest owners for properties they seize as a consequence of a distressed or delinquent loan.
According to the tower's important website, ZO Oakland Apartments offers studio, one- and two-bedroom units.
Condo complex amenities include a rooftop pool, indoor/outdoor lounge, lobby with outdoor access, outdoor patio with fire pits and grilling stations, boutique fitness center, outdoor pet play areas, and a pet spa.
“Our pool and rooftop lounges bring people together, and our downtown Oakland location supports an active lifestyle, both within our walls and around Lake Merritt,” says the ZO Oakland Apartments website.
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