Oakland tower bought at a discount after foreclosure

OAKLAND — A mixed-use 11-story historic tower in downtown Oakland was bought at a relatively hefty discount more than a year after it was foreclosed due to a failed real estate loan.

Bay Area real estate investor Edward Hemmat, through an affiliate, purchased The Leamington at 1814 Franklin St. for $14.4 million, 58.3% less than its prior value, according to documents filed on March 2 with the Alameda County Recorder’s Office.

Hemmat has invested in other Oakland properties, including...