"OAKLAND An office building that once was the Oakland Masonic Center has been taken back by its lender through a speedy foreclosure process that serves as a reminder of lingering weakness in the Bay Area office market. The building, located at 3901 and 3903 Broadway in Oakland, is now owned by an affiliate of MidCap Financial, which provided the property with a loan in 2022 totaling $35.2 million, Alameda County real estate records show."
"MidCap Financial took ownership of the property through a streamlined process known as a deed in lieu of foreclosure, according to documents filed on Nov. 10 with the Alameda County Recorder's Office. At the time of the foreclosure, the unpaid debt on the site was $32.5 million, the county records show. An alliance of Chicago-based Harrison Street Real Estate and Walnut Creek-based Meridian had bought the former Oakland Masonic Building in 2022, paying $13.5 million for the site."
An office building at 3901 and 3903 Broadway in Oakland, formerly the Oakland Masonic Center, transferred to an affiliate of MidCap Financial after a foreclosure resolution. MidCap provided a $35.2 million loan in 2022 and assumed the property via a deed in lieu of foreclosure; unpaid debt at transfer was $32.5 million. Harrison Street Real Estate and Meridian purchased the building in 2022 for $13.5 million and pursued conversion to medical offices. The 61,300-square-foot property is now known as Broadway Medical Plaza and houses at least part of a Pace Center for Elders' Independence. Several commercial properties in the area face financial stress and value declines.
Read at www.mercurynews.com
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