WALNUT CREEK — A big apartment complex in downtown Walnut Creek that was completed just last year has been handed back to its lender after the property’s loan flopped into delinquency, public records show.
NoMa Apartments, which was developed by Anton DevCo, is now owned by an affiliate of the property’s lender, documents filed on Nov. 3 with the Contra Costa County Recorder’s Office show.
The apartment complex totals 135 units and is located at 1910 North Main Street, on the edges of downtown Walnut Creek, one of the Bay Area’s swanky urban cores.
The financial problems indicated by the loan delinquency are a reminder that the struggles in commercial real estate extend well beyond offices, retail centers and hotels.
Even relatively safe apartment properties in choice locations such as downtown Walnut Creek can encounter difficulties.
The NoMa apartments project broke ground in 2019 and was completed in 2022, according to a post on the Anton DevCo website and public records.
Along with the 135 apartments, the project also includes 9,000 square feet of ground-floor retail.
Eleven of the apartment units were rent-restricted for low-income housing. Those provisions continue even with the change of ownership.
It wasn’t immediately clear what is the vacancy rate for the apartments and the retail.
Trisha Malone, president and chief investment officer of Anton DevCo, stated “no comment” in an email reply to this news organization regarding the ownership change for the apartment complex.
“NoMa residents will have unprecedented access to dining, entertainment, and employment opportunities,” Anton DevCo stated in a prepared release at the time the project broke ground in 2019.
The NoMa Apartments property is now owned by an affiliate of TPF Equity REIT Operating Partnership, according to the county real estate records.
In October 2019, around the time of the groundbreaking, the developer obtained a construction loan of $79.8 million, county records show.
At the time the property was bought by the lender’s affiliate through the deed in lieu of foreclosure process, the developer owed about $83 million on the loan, when fees, penalties and late charges were taken into account.
NoMa Apartments consists of a mix of studios and one- and two-bedroom units, according to Anton DevCo’s press release at the time of the groundbreaking.
Residents have access to plenty of amenities, according to the developer.
“The common-area spaces feature a community room with a kitchen and fitness center, as well as a courtyard with pool, spa, BBQ and fire pit,” Anton DevCo stated at the time of the groundbreaking. “Residents will be able to relax and enjoy the coveted East Bay climate on the outdoor rooftop lounge with views of Mount Diablo.”