Neill Sullivan / REO Homes
Neill Sullivan / REO Homes
According to Oakland Rent Board data, Sullivan served 357 eviction notices in five years.
Neill Sullivan and his investors are putting a lot of effort into convincing themselves and others of the do-good nature of their speculation scheme. “REO Homes, LLC respects West Oakland by investing in our neighborhoods.” Sullivan, the son of a Newport Beach real estate developer, was previously associated with Deocap Corporation, a mortgage brokerage with suspended or revoked licenses in many states. Thomas Steyer was an original funder who made it possible for Sullivan to purchase hundreds of buildings in West Oakland and evict foreclosed owners and their families. Steyer, the founder of Farallon Capital now runs a “Community Development Bank” in Oakland that is pledged “to provide economic justice.” The list of properties in the hands of Neil Sullivan’s LLCs is staggering.
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Sullivan purchased at least 356 properties in Alameda County between 2008 and 2017, comprising 688 units.
The first known purchase in February, 2008 was a duplex in West Oakland.
Purchase price was $185,000 in a foreclosure sale.
The previous owner had bought the home in 2006 for $600,000.
Sullivan has spent about $68,000,000 on Oakland property as of 2017.
He has loans on at least 293 properties with First Republic Bank, totaling about $72,000,000.
He earned back about $16,000,000 from flipping 26 buildings.
177 properties are single family homes, lacking rent control under Costa Hawkins.
Sullivan has condoized about ten more multi-unit properties, removing them from rent protections.
On 296 properties for which value estimates are available, the sum estimated value is $173,554,118.
The assessed value for tax purposes for those same properties is $64,064,140
$15,000,000+ of the loans are on properties with an eviction history under Sullivan’s ownership, a total of 76 properties.
In a six year period ending in 2016, the Oakland Rent Board showed 357 eviction notices served by REO Homes.
Neill Sullivan's Oakland by Darwin Bond Graham, East Bay Express
"The tens of millions of dollars that Sullivan raised to buy up these houses came from a wealthy network of hedge fund investors. A securities filing from September 2008 listed Thomas Steyer, Rajiv Patel, William Duhamel, and Ryan Schaper as investors in Sullivan's three funds.
Steyer is the founder of Farallon Capital Management, a San Francisco hedge fund, from which he amassed a personal fortune worth $1.5 billion. Steyer retired from Farallon in 2012 and has since become a well-known philanthropist, funding environmental and social justice campaigns, including a well-coordinated attack against the Keystone XL Pipeline.
Duhamel and Schaper are also Farallon alumni. Duhamel now runs a hedge fund called Route One Investments. Schaper runs Point Lobos Capital, yet another hedge fund. Patel is a current managing member of Farallon, but the hedge fund is not an investor in Sullivan's company.
Another investor behind Sullivan is Alastair MacTaggart, president of The Emerald Fund, a major real estate development company in San Francisco. Emerald Fund has existing investments in Oakland, including the Ellington and Essex luxury apartment and condo buildings located downtown.
The other sources of financing used by Sullivan to acquire Oakland real estate are loans from the First Republic Bank and One PacificCoast Bank, the latter of which was founded by Steyer and his wife Kat Taylor in 2007. Steyer is on the board of directors of One PacificCoast Bank and the foundation of the same name, which owns the bank's stock. One PacificCoast Bank's website states that "the Bank is mandated to produce meaningful social justice and environmental benefits at the same time that it is financially sustainable."
According to the Alameda County Recorder's Office, One PacificCoast Bank has provided seventeen loans to REO Homes LLC, one of the Sullivan-controlled funds in which Steyer is an investor. The loans together add up to $1.3 million. Steyer's investment in Sullivan's REO Homes fund, and his bank's loans to REO Homes are instances of insider loans — as defined by the federal government's main watchdog of banks, the Office of the Comptroller of the Currency. Approval of bank loans to companies owned partly by bank directors are transactions subject to complex regulations. Jann Wallach, the senior vice president for compliance at One PacificCoast Bank, wrote in an email that the bank is in compliance with federal rules regarding loans to insiders.
The other bank that has lent Sullivan funds to purchase foreclosures in West Oakland presents another interesting connection in the world of high finance. On First Republic Bank's board of directors is Thomas Barrack, Jr., the billionaire private equity mogul who owns Colony Capital and Colony American Home..."
Associated Companies and LLCs
Sullivan Managment Company
SMC LLC
REO Homes 2, LLC
REO Homes 3, LLC
Nue Oak, LLC
Nue Oak 2, LLC
Nue Oak 3, LLC
302EOF, LLC
Deocap Corporation: Mortgage Broker partnership with Bill Raney, revoked
Seville Marketing
Sullivan Management Company, LLC
302 EAST OCEAN FRONT MANAGEMENT, INC.: Newport Beach Property
Video about REO Homes
Property owned in Oakland
719 27TH ST
625 23RD ST
1124 CAMPBELL ST
1120 CAMPBELL ST
967 30TH ST
867 37TH ST
2934 WEST ST
1519 E 15TH ST
1714 11TH ST
863 ATHENS AVE
3630 PENNIMAN AVE
858 ATHENS AVE
3725 M L KING JR WAY
5668 MARKET ST
1132 34TH ST
661 31ST ST
1482 12TH ST
858 22ND ST
763 22ND ST
841 19TH ST
2505 SAN PABLO AVE
2313-2317 SAN PABLO AVE
1018 18TH ST
1737 14TH ST
1619 11TH ST
1619 12TH ST
1002 WOOD ST
1737 CHASE ST
2924 FILBERT ST
1712 14TH ST
1444 16TH ST
1519 CENTER ST
3124 HARRISON ST
3126 HARRISON ST
1219 12TH ST
1415 MAGNOLIA ST
2701 CHESTNUT ST
2626 MYRTLE ST
1626 MYRTLE ST
1014 21ST ST
1738 CHASE ST
1722 8TH ST
930 WOOD ST
1020 WOOD ST
1689 13TH ST
1699 8TH ST
817 55TH ST
1088 28TH ST
2904 MYRTLE ST
3929 RUBY ST
839 35TH ST
706 BROCKHURST ST
872 29TH ST
3201 WEST ST
947 37TH ST
992 43RD ST
816 37TH ST
728 36TH ST
829 37TH ST
828 51ST ST
1116 53RD ST
1684 15TH ST
1708 14TH ST
564 MERRIMAC ST
783 17TH ST
826 ATHENS AVE
962 41ST ST
1612 15TH ST
3303 MAYBELLE WAY
3307 STUART ST
1202 WOOD ST
1024 WOOD ST
1791 11TH ST
2329 HUMBOLDT AVE
2031 E 25TH ST
1564 5TH ST
2631 INYO AVE
3558 HARPER ST
1509 5TH ST
2632 25TH AVE
3222 ELMWOOD AVE
1438 3RD ST
967 21ST ST
1716 9TH ST
1466 13TH ST
1477 14TH ST
364 PERALTA ST
1665 8TH ST
1740 11TH ST
1420 9TH ST
527 MERRIMAC ST
559 SYCAMORE ST
844 ISABELLA ST
1671 8TH ST
354 HENRY ST
1526 5TH ST
1474 12TH ST
1229 12TH ST
2750 E 21ST ST
777 19TH ST
2029 MYRTLE ST
1100 14TH ST
1628 LINDEN ST
1716 FILBERT ST
1744 8TH ST
1623 12TH ST
2519 M L KING JR WAY
1121 WOOD ST
1681 16TH ST
1650 14TH ST
2906 COOLIDGE AVE
2835 SHORT ST
2825 VALLECITO PL
621 23RD ST
786 20TH ST
811 22ND ST
2032 FILBERT ST
1670 12TH ST
1074 63RD ST
1222 30TH ST
1029 WOOD ST
1620 17TH ST
1656 17TH ST
3161 LYNDE ST
544 32ND ST
2734 UNION ST
2501 ADELINE ST
1066 24TH ST
2906 LINDEN ST
1080 30TH ST
675 31ST ST
3257 M L KING JR WAY
3208 MARKET ST
949 34TH ST
959 26TH ST
5718 ADELINE ST
685 33RD ST
3033 WEST ST
811 APGAR ST
664 39TH ST
1011 55TH ST
1519 34TH ST
2615 MARKET ST
6427 SALEM ST
1237 32ND ST
34TH ST
1475 34TH ST
1305 CENTER ST
775 21ST ST
1720 10TH ST
976 34TH ST
1316 PERALTA ST
2017 WEST ST
1922 FILBERT ST
1721 11TH ST
714 26TH ST
854 36TH ST
5829 MACCALL ST
1709 GOSS ST
2715 VIOLA ST
2535 25TH AVE
2934 E 23RD ST
2324 RANSOM AVE
1767 11TH ST
542 LEWIS ST
2641 INYO AVE
3239 GALINDO ST
2877 E 7TH ST
2956 E 7TH ST
2941 CAPP ST
2615 PRENTISS PL
2126 35TH AVE
528 25TH ST
774 22ND ST
1715 PERALTA ST
1241 E 22ND ST
2348 E 20TH ST
2627 E 10TH ST
921 27TH AVE
853 MCELROY ST
1492 3RD ST
1701 26TH AVE
3020 MAPLE AVE
3161 DAVIS ST
6539 WHITNEY ST
1017 26TH ST
1740 35TH AVE
946 26TH ST
66TH ST
909 56TH ST
5531 MARKET ST
942 57TH ST
2933 UNION ST
723 27TH ST
WHITNEY ST
3261 LOUISE ST
3019 CHESTNUT ST
1427 17TH ST
1421 17TH ST
773 21ST ST
768 22ND ST
1657 8TH ST
866 WOOD ST
873 AILEEN ST
2816 LINDEN ST
1070 54TH ST
1558 8TH ST
1108 MAGNOLIA ST
2014 CURTIS ST
838 22ND ST
1908 LINDEN ST
1622 CHESTNUT ST
2028 LINDEN ST
1912 LINDEN ST
625 W GRAND AVE
1669 12TH ST
1111 PERALTA ST
1651 14TH ST
724 26TH ST
708 45TH ST
1696 16TH ST
1519 CAMPBELL ST
6225 MARSHALL ST
3438 HAVEN ST
1131 WOOD ST
1221 E 21ST ST
1307 PERALTA ST
1123 FILBERT ST
2021 WEST ST
1012 WOOD ST
1516 CAMPBELL ST
1750 10TH ST
1008 21ST ST
1714 13TH ST
1514 MYRTLE ST
1691 12TH ST
1009 WOOD ST
856 MCELROY ST
1068 10TH ST
862 22ND ST
671 19TH ST
1682 11TH ST
1724 CHASE ST
1718 13TH ST
666 25TH ST
1025 WOOD ST
1526 CAMPBELL ST
1720 14TH ST
1688 16TH ST
2045 MARKET ST
631 W GRAND AVE
1018 PINE ST
1512 WILLOW ST
1506 5TH ST
828 21ST ST
1706 8TH ST
912 APGAR ST
694 44TH ST
2525 FILBERT ST
1095 66TH ST
4402 WEST ST
3616 WEST ST
1516 CAMPBELL ST
866 WOOD ST
866 WOOD ST
2851 HELEN ST
934 WOOD ST
2818 Mabel, Berkeley
1437 Chestnut, Oakland
826 Isabella, Oakland
856 32 St, Emeryville
3215 Market St, Emeryville
5668 MARKET ST, Emeryville
2505 Foothill Blvd, Oakland
1016 Jones St, Berkeley
2100 Market St, Oakland
1127 Chestnut St, Oakland
1132 34TH ST, Emeryville
1235 Peralta St, Oakland
1741 14 St, Oakland
1115 Willow, Oakland
2926 West, Oakland
869 Brockhurst, Emeryville
3420 Chestnut Street, Emeryville
881 30th Emeryville
1619 Harmon, Berkeley
1610 Willow, Oakland
1526 Julia, Berkeley
1324 Burnett, Berkeley
5801 Adeline, Berkeley