OAK KNOLL PROJECT GOING BANKRUPT
We just received word that developer SunCal’s Oak Knoll project in Oakland is going to declare bankruptcy. That’ll make Oak Knoll the latest in a string of SunCal projects to declare bankruptcy in recent weeks.
A spokesperson for the company told us the bankruptcy wouldn’t affect SunCal’s Alameda Point plans (although, to be fair, they also told the Oakland folks that Lehman Brothers’ collapse wouldn’t affect Oak Knoll, but the Point has a different financial backer).
Apparently, SunCal is going to be billing the Chapter 11 filing as a win, because they’re saying it’ll enable them to seek other financing for the Oak Knoll project.
We’ll have more on this for you as it comes. In the meantime, here’s a preview in the form of a Los Angeles Times story on two other SunCal project bankruptcies, apparently driven in part at least by Lehman’s collapse.