OAKLAND — 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…