Blackstone Mortgage Trust Took Over Ford Point
The commercial property was acquired through a foreclosure following a default on a $92.6 million loan balance.
Updated on Oct. 13, 2026 in Commercial
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Blackstone Mortgage Trust has acquired the Ford Point property in Richmond through a foreclosure process. The ownership transfer was officially recorded on October 2, 2026, following a default on a $106.3 million loan.
Why it matters
The foreclosure follows a $106.3 million loan default, a situation exacerbated by the loss of major tenant Moxion Power, which went out of business in 2024 and vacated 181,000 square feet of space.
The foreclosure involves an unpaid loan balance of $92.6 million, significantly impacting the 517,000-square-foot Ford Point site. This follows the 2022 purchase price of $103.7 million by the previous owners.
The players
Blackstone Mortgage Trust
A real estate investment trust that originates and holds senior loans collateralized by commercial properties.
Moxion Power
A former tenant that occupied 181,000 square feet at the complex before going out of business.
Orton Development
A development firm that purchased the complex in 2004 and invested in significant property upgrades.
The details
The facility at 1414 Harbour Way South saw its financial stability decline after tenant Moxion Power, which occupied roughly 35% of the complex, shuttered its operations. This vacancy left a large hole in rental income, contributing to the inability of the owners to meet the $106.3 million debt obligation. The property, a former Ford Motor Company assembly plant, previously underwent $51.3 million in upgrades under the ownership of Orton Development.
Timeline
1955: Ford Motor Co. ceased operations at the plant.
2022: Madison Capital and Meadow Partners purchased the property.
2024: Major tenant Moxion Power went out of business.
October 2, 2026: Foreclosure documents were filed with the county.
Money Landscape
The property has faced various challenges throughout its history, from the 1989 Loma Prieta earthquake damage to the modern-day foreclosure. This acquisition highlights current pressures in the commercial real estate sector where high debt loads and tenant instability intersect.
Local business owners and residents should watch for future announcements regarding new tenants at the 517,000-square-foot site, as occupancy levels impact area economic activity. Consult with a commercial real estate professional to understand how local vacancy shifts affect nearby property values.
The takeaway
Large commercial defaults often signal a period of uncertainty for property utility and surrounding neighborhood impact. Monitor public records from the Contra Costa County Recorder's Office to stay informed on ownership shifts and potential redevelopment permits at 1414 Harbour Way South.
Further reading
For broader trends in the local market, see our analysis on Commercial.
Source note: This article includes information reported by East Bay Times.
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