Historic Ford Point Waterfront Complex in Richmond Faces Foreclosure
The historic Ford Point industrial complex on the Richmond waterfront has fallen into foreclosure, with ownership shifting to an affiliate of a New York City-based investment company according to documents filed on Oct. 2 with the Contra Costa County Recorder’s Office, The Mercury News reported. Investment firms Madison Capital and Meadow Partners lost control of the 517,000-square-foot property after defaulting on a $106.3 million loan from a unit of Blackstone Mortgage Trust. Unpaid debt on the loan totaled $92.6 million when the speedy foreclosure process concluded.
Decline of Tenant Moxion Power and Prior Acquisition Costs
Madison Capital and Meadow Partners originally acquired the massive property at 1414 Harbour Way South for $103.7 million in 2022. The complex suffered a major financial blow when its largest tenant, green energy startup Moxion Power, went out of business in 2024. Moxion Power had occupied 181,000 square feet, which accounted for roughly 35% of the total available space at Ford Point.
Decades of Industrial History and Post-War Transformations
The site opened as a Ford Motor Co. auto assembly plant that manufactured vehicles until production ceased in 1955. During World War II, the factory shifted gears to produce tanks for the war effort. The facility earned a spot on the National Registry of Historic Places in 1988. Orton Development purchased the property from the city of Richmond in 2004, investing $51.3 million into extensive upgrades. Those renovations included a complete seismic retrofit to repair structural damage caused by the 1989 Loma Prieta earthquake. Following that redevelopment, the Craneway Pavilion restaurant, event space, and the Rosie the Riveter museum established operations inside the complex. “Ford Point stands as a testament to the adaptive reuse of historic industrial architecture,” Orton Development states.
Frequently Asked Questions About the Ford Point Foreclosure
Who currently owns Ford Point following the foreclosure?
An affiliate of a New York City-based investment company took ownership of the property after filing documents with the Contra Costa County Recorder’s Office on Oct. 2. The previous owners, Madison Capital and Meadow Partners, lost the asset following a foreclosure initiated by a unit of Blackstone Mortgage Trust.
How much debt remained on the property at the time of foreclosure?
The unpaid debt on the original $106.3 million loan stood at $92.6 million when the foreclosure process was finalized. Madison Capital and Meadow Partners had initially purchased the 517,000-square-foot complex for $103.7 million in 2022.
What impact did tenant departures have on the Richmond property?
Green energy company Moxion Power occupied 181,000 square feet—about 35% of the complex—before going out of business in 2024. The loss of the major tenant preceded the financial default on the property’s loan.
Worth a look