Lender Seized Historic Oakland Building in Foreclosure
The property at 221 Washington St. was acquired by a Bridger Fund affiliate following a loan default.
Updated on Sept. 29, 2026 in Commercial
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An affiliate of the Bridger Fund has officially taken ownership of the Parker Electric Manufacturing building in Oakland through a foreclosure process. The transition follows a failed $1.65 million real estate loan issued last year.
Why it matters
The foreclosure of the 8,800-square-foot property highlights ongoing distress in the local commercial real estate market. This loss follows a broader pattern of commercial mortgage defaults currently impacting notable structures within the city.
The property spans 8,800 square feet and sits at 221 Washington St. While the original structure dates back to 1892, the current building was reconstructed in 1905 following a fire.
The players
Bridger Fund
An investment firm whose affiliate has acquired the foreclosed property.
W. Bradford Paley
The head of the entity that originally received the $1.65 million loan in 2025.
Alameda County recorder's office
The local government authority responsible for filing and recording property ownership documents.
The details
The ownership transfer was finalized through documents filed with the Alameda County recorder's office on September 24, 2026. The property, originally sold to Parker Electric in 1924, was used as collateral for a loan provided in 2025 to an entity led by W. Bradford Paley.
Timeline
1892: The original building structure was constructed.
1905: The building was reconstructed following a fire.
1924: Bay City Iron Works sold the property to Parker Electric.
2025: The lender issued the loan for the property.
September 24, 2026: Foreclosure documents were filed with the county.
Culture Shift
The foreclosure follows a trend of commercial property instability in Oakland, mirroring the default status of the nearby Tribune Tower. This transition marks a departure from the site's century-long industrial legacy as commercial properties face increasing financial pressure.
The transfer of ownership may lead to new security measures or site changes at the Washington Street location. Residents and local business owners should expect potential renovation activity as the new owner takes control of the historic site.
The takeaway
The seizure of this historic building serves as a reminder of the volatility currently affecting aging commercial real estate assets. Owners of similar historic properties may face heightened scrutiny as lenders continue to manage rising default risks across the city.
Further reading
For more information on the current state of the local market, see our Commercial section.
Source note: This article includes information reported by San Jose Mercury News.
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