Stalled Apt., Retail Project Resumes Construction

OAKLAND, CA-Multifamily real estate company, Wood Partners LLC, has arranged all of the financing necessary to resume development of City Walk, an apartment/retail project in downtown Oakland. Construction on the project—which has sat idle for three years after the original general contractor went bankrupt—is set to start in a week.

Wood Partners purchased the distressed property of City Walk in late 2009 from the Olson Co. for $5 million, and since then has worked to raise more than $30 million in construction debt and assemble regulatory approvals to complete the project. “It’s been a long road, with a number of complex issues to resolve, so it’s very gratifying to reach this point,” says Frank Middleton, director of the west coast division of Wood Partners. “Now we’ll be able to fulfill the potential of this project and deliver a true asset to downtown Oakland.”