Blackstone Mortgage Trust Acquired Richmond Ford Point

The investment firm took control of the historic 517,000-square-foot waterfront property after a loan default.

Updated on Oct. 13, 2026 in Commercial

Bold flat-color editorial illustration showing a stylized industrial brick facade and pier piling, representing commercial property foreclosure. — Blackstone Mortgage Trust took control of the historic Ford Point waterfront property in Richmond following a $106.3 million loan default. AI Illustration. Upload story photo >

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Blackstone Mortgage Trust has acquired the Ford Point facility in Richmond through a foreclosure process. The transfer of ownership follows the failure of a delinquent loan totaling $106.3 million.

Why it matters

The foreclosure was prompted by a $92.6 million outstanding loan balance and the loss of major tenant Moxion Power, which had previously occupied 35% of the property. This transition reflects the financial challenges facing large-scale commercial facilities in the region.

Ford Point spans 517,000 square feet at 1414 Harbour Way South. The property was previously purchased by Madison Capital and Meadow Partners in 2022 for $103.7 million.

The players

Blackstone Mortgage Trust

This real estate investment trust provides senior loans collateralized by commercial real estate properties.

Moxion Power

This company was a major commercial tenant that previously leased 181,000 square feet at the facility before closing in 2024.

Orton Development

This development firm previously purchased the complex from the city of Richmond in 2004 and oversaw significant upgrades.

Madison Capital

This investment group was one of the two partners that purchased the property in 2022.

Meadow Partners

This private real estate investment firm co-purchased the Ford Point property in 2022.

The details

Ownership documents for the site were officially recorded with the Contra Costa County Recorder's Office on October 2, 2026. The facility, which originally served as a Ford Motor Company assembly plant until 1955, had previously undergone $51.3 million in upgrades under developer ownership.

Ford Motor Company ceased operations at the plant in 1955.
Orton Development purchased the complex in 2004.
Madison Capital and Meadow Partners acquired the site in 2022.
Tenant Moxion Power went out of business in 2024.
Foreclosure documents were filed on October 2, 2026.

Culture Shift

This acquisition follows the pattern set by rising commercial mortgage defaults as property owners struggle with high interest rates and falling occupancy. It marks a departure from the property's recent history as an active hub for emerging technology tenants.

The transition in ownership may lead to changes in site management or potential delays in future tenant leasing at the Harbour Way South facility. Residents and local businesses may notice shifts in activity at the complex as the new owner assesses the site's path forward.

The takeaway

Commercial real estate investors are increasingly forced to reclaim assets as tenant vacancies and high debt burdens create financial instability. Property owners should monitor local debt market trends to anticipate potential shifts in commercial facility ownership.