Silk Purse or Sow’s Ear: Navigating the Busted Deal Landscape
Urban Land magazine explored the landscape of busted real estate deals in the wake of the real estate crash in its November 2010 issue. In that article, the magazine noted that Oakland’s City Walk project was one such deal that was resurrected by new investors. Represented by Cox Castle & Nicholson partner Stephen Ryan in San Francisco, the investors – Wood Partners – purchased the unfinished 252-unit condominium project in Oakland’s downtown redevelopment district and injected new money in the project. “They had to be willing to take a risk on something with no certainty at all,” said Ryan, who noted that there was no new financing for the project, there were liens against the property, and the developers had to work within existing entitlements for the project.