"OAKLAND The company that owns a historic downtown Oakland building has filed for bankruptcy in the wake of a loan default that could lead to a foreclosure of the delinquent mortgage. Lamumba Inc., which does business as Geoffrey's Inner Circle, filed to reorganize its finances under Chapter 11 of the U.S. Bankruptcy Code. Geoffrey's Inner Circle sign at 410 14th Street and 1411 Franklin Street, a four-story, 40,000-square-foot retail, commercial and office building in downtown Oakland, seen in Feb. 2025."
"In April, property lender Tellone Mortgage Fund filed a notice of default with the Alameda County Recorder's Office that the $4.25 million loan Tellone had provided to Lamumba in 2021 was delinquent. The Lamumba bankruptcy case is poised to delay a foreclosure on the building's loan while a federal court oversees the company's efforts to reorganize its finances. This news organization reached out to Pete in April when the loan default was filed with the Alameda County Recorder's Office."
"The four-story building was constructed in 1901 and is known as the Athenian-Nile Club Building. It includes ground-floor retail spaces, a second floor that's used for live events and a jazz music venue and a third floor with a large ballroom and commercial kitchen, the bankruptcy filing shows. Mr. Pete's business, Geoffrey's Inner Circle, occupies the upper floors and hosts events every week, including Jazz at Geoffrey's on Sundays, states a post on the Oakland Wiki website regarding the Athenian-Nile Club building."
Lamumba Inc., doing business as Geoffrey's Inner Circle, filed for Chapter 11 reorganization after defaulting on a $4.25 million loan from Tellone Mortgage Fund issued in 2021. The bankruptcy filing will likely delay foreclosure while a federal court oversees reorganization efforts and the loan default process. Lamumba and CEO Geoffrey Pete estimate the building's value at $12 million. The four-story Athenian-Nile Club Building at 410 14th Street and 1411 Franklin Street was built in 1901 and houses ground-floor retail, a second-floor live-events and jazz venue, and a third-floor ballroom with a commercial kitchen. Geoffrey's Inner Circle occupies upper floors and hosts weekly events.
#chapter-11-bankruptcy #loan-default-and-foreclosure #oakland-historic-building #athenian-nile-club--geoffreys-inner-circle
Read at www.mercurynews.com
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