OAKLAND — The owner of the historic Athenian-Nile Club Building in downtown Oakland has found a potential buyer in a deal that could ward off a foreclosure on the property and bring a bankruptcy proceeding to a conclusion.
Lamumba Inc., operating as Geoffrey’s Inner Circle, has attracted interest from a nonprofit to purchase the four-story building at 410 14th St. and 1411 Franklin St. The building totals 40,000 square feet, a marketing flyer states, and was constructed in 1901.
The bankruptcy case filing warned there were no assurances that a deal for the sale of the building would be successfully completed or that the property owner would be able to avoid a foreclosure of the site by its lender.
A nonprofit based in Oakland is eyeing a purchase of the building, according to papers filed with a U.S. Bankruptcy Court in the Bay Area.
“Lamumba received a statement of interest from Oakland Private Industry Council,” the bankrupt property owner reported in an Oct. 20, 2025, update on the status of the court proceeding.
Geoffrey Pete, chief executive officer of Lamumba, had previously staged a lengthy battle to thwart the development of a 40-story housing tower next door to the building his company owns.
City officials eventually approved the tower. Construction hasn’t started yet, however, partly because the tower’s developer is in a legal fight with Lamumba over the removal of a fire-escape ladder whose presence could obstruct the tower project.
“Oakland Private Industry Council (OPIC) has obtained approval to continue negotiations with Lamumba to purchase the property with the purchase price sufficient to pay the secured creditors in this case,” Lamumba stated in court papers.
The statement of interest in the property includes a purchase price of “at least $4.2 million,” Lamumba stated in court documents.
In April 2025, property lender Tellone Mortgage Fund filed a notice of default that stated a $4.25 million loan that Tellone had provided to Lamumba in 2021 was delinquent.
“All parties understand that secured creditors and potentially all unsecured creditors should be paid from the proceeds in any sale of the property,” Lamumba told the court.
During the fall, the nonprofit was seeking an appraisal of the property as well as other required procedures ahead of the potential purchase of the site.
“It is Lamumba Inc.’s understanding that Oakland Private Industry Council has obtained financing commitments sufficient to close the sale of the property and that such sale would close in the next two to three months,” Lamumba stated in the filing.
Tellone Mortgage Fund has scheduled a foreclosure proceeding as soon as the end of this month. The lender has postponed foreclosure auctions for the property on multiple occasions, public documents show.
Lamumba is prepared to sell the building to any buyers that are willing to pay a sufficient price for the property. Lamumba, however, appears to prefer the Oakland Private Industry Council for the purchase deal.
“OPIC is the ideal buyer of this property since OPIC is one of the oldest and largest community service agencies that provides workplace development services for the city of Oakland,” Lamumba stated in the court filing.
At present, Lamumba and Pete are focusing on stabilizing the tenant base in the building.
“Lamumba has prepared cash projections that include an increase in revenue that the debtor expects to obtain through leasing additional space in the property as well as increasing the number of special events” at the site, court papers show.
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