Blackstone Mortgage Trust Foreclosed on Ford Point
The historic Richmond property changed hands following a $92.6 million loan default by previous owners.
Updated on Oct. 13, 2026 in Commercial
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Blackstone Mortgage Trust has acquired the 517,000-square-foot Ford Point complex at 1414 Harbour Way South through foreclosure. The ownership transfer follows a delinquent $106.3 million loan that left an outstanding balance of $92.6 million.
Why it matters
The foreclosure reflects significant commercial real estate shifts in Richmond, driven in part 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 follows a 2022 purchase of the site for $103.7 million. The property, which historically served as a Ford Motor Company assembly plant, previously saw $51.3 million in upgrades.
The players
Blackstone Mortgage Trust
An investment firm that provides senior loans collateralized by commercial real estate and has now taken ownership of the Richmond site.
Madison Capital
An investment firm that previously held the property before defaulting on the $106.3 million loan.
Meadow Partners
An institutional real estate investor that co-purchased the Ford Point complex in 2022.
Moxion Power
A former major commercial tenant that occupied 181,000 square feet at Ford Point before closing in 2024.
Orton Development
A real estate developer known for historical adaptive reuse that previously invested $51.3 million into the site's upgrades.
The details
The facility returned to lender control after the previous owners, Madison Capital and Meadow Partners, defaulted on their debt. The vacancy of Moxion Power, which accounted for approximately 35% of the total square footage, impacted the income stream necessary to service the loan. The process was formalized on October 2, 2026, when ownership documents were recorded with the county.
Timeline
1955: Ford Motor Company ceased operations at the plant.
2004: Orton Development purchased the Ford Point complex.
2022: Madison Capital and Meadow Partners acquired the property for $103.7 million.
2024: Major tenant Moxion Power went out of business.
October 2, 2026: Foreclosure documents were filed with the Contra Costa County Recorder's Office.
The Home Front
The foreclosure highlights ongoing financial pressure in the commercial sector as property owners navigate shifts in demand for large-scale industrial space. This development underscores how sensitive local office and industrial portfolios remain to the loss of anchor tenants.
Residents should monitor local business listings for updates on the future use of the Ford Point site as it undergoes its next transition. Those tracking property values or local tax bases may wish to follow public filings for news on upcoming redevelopment or new lease agreements.
The takeaway
The return of a massive industrial asset to lender control underscores the volatility in commercial real estate when key leases expire or tenants dissolve. Keep an eye on the 1414 Harbour Way South address for future announcements regarding new tenants or potential site repurposing.
Further reading
Learn more about local economic activity in our Richmond Commercial section.
Source note: This article includes information reported by East Bay Times.
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