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New Downtown Oakland Housing Developments Hurt By Economy

Major Oakland developments default on loans - Inside Bay Area: “OAKLAND — At least three major residential-retail projects deemed to be important catalysts for the downtown's revival have toppled into separate mortgage defaults that together total $140 million.
The loan defaults have jolted the financial prospects for the downtown Oakland projects that, combined, would bring nearly 300 residential units to the city's urban center. The projects were all originally devised as for-sale condominium developments.
"Clearly Oakland is not immune to the soft economy, the problems with the credit markets and the slow housing sector," said Ken Meyersieck, managing partner with the Oakland office of commercial realty brokerage Colliers International.”
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