The Beulah Home at 4690 Tompkins, Oakland CA was built by the Methodist Church as a senior living community 60 years ago. Urban Green Investments purchased Beulah Home in a bankruptcy sale. Instead of keeping it as a senior residence and care facility, they have applied to the City to convert Beulah Home from one of Oakland’s oldest senior residence and care facilities to 40 ± 650 sq./ft. apartments.
The largest SRO Hotel in Oakland, the Claridge Hotel was acquired by Urban Green after its owner, Richard Singer pleaded guilty to attempting to set fire to another of his Oakland SRO hotels. Urban Green later transferred the hotel to Sarosh Kumana. SROs in Oakland are unregulated; vulnerable populations displaced from SROs are likely to be homeless.
Urban Green gained notoriety in 2013 by evicting Mary Elizabeth Phillips from her home of 40 years on 55 Dolores Street through its Dolores Street, LLC. The eviction was supposed to take place in April 2014, the month that Mary turned 98. As Mary said, "This has been my home for over 40 years and I don't want to leave. . . I am just too old." Mary has since refused to leave, as has her neighbor and caregiver Sarah Brandt, who teaches high school in the Unified School District.
After Eviction-Free San Francisco held a protest at the office of Urban Green on July 8, the case received much media attention. McCloskey announced to the press that Mary could stay in her home, but not Sarah. As Mary's lawyer says:
"Urban Green Investments (UGI) has filed a lawsuit to evict Mary Phillips, although they have not served it yet. Instead, they are proceeding with litigation against her close friend and caregiver Sarah Brant, who also lives in the building, understanding that if they evict Sarah, then Mary cannot remain as the sole occupant of a building that is being turned into a construction zone. The reality is that offering the 98 year old Mary Phillips the opportunity to live alone in a construction zone without her close friend and caregiver being able to stay in the building is an illusory offer, and UGI knows that. If they were truly concerned about Mary's welfare, they never would have served eviction notices in March of 2013, or would at the very least have told her then that she would not have to move at any time. UGI always intended to evict Mary, but the media attention to Mary's plight has changed UGI's attitude, not any concern for her wellbeing. Contrary to the statement, UGI's attorneys have commented extensively on Ms. Phillips' situation, including providing testimony at the California Assembly Housing Committee hearing where Mary testified on Ellis Act reform. A statement made on behalf of UGI's attorneys insinuated that Ms. Phillips's attorneys were preventing her from agreeing to UGI's proposals. UGI's efforts in publicizing settlement discussions is an attempt to deflect media attention away from their speculative evictions of seniors and disabled long-term tenants at this and other properties that they have purchased." - Steve Collier Attorney at Law / Tenderloin Housing Clinic
Update: Because of public pressure, UGI is no longer evicting Mary. As of 2016, all of her neighbors however have been displaced, leaving the 100-year-old alone in the building while it undergoes extensive construction for condo-conversion.
Urban Green states its Company Description as: "Urban Green Investments focuses on properties located in prime, central, high-barrier-to-entry submarkets of San Francisco. Through a network of relationships developed over the years, we are exposed to opportunities at an early stage. We are able to efficiently analyze opportunities and have the ability to make all-cash, quick closings. Once acquired, Urban Green Investments implements an asset plan tailored to the highest and best use of the property. The two main approaches to maximizing values are: 1) to renovate and increase existing cash-flow, and 2) to renovate and convert the property to a Tenancy in Common (TIC), then sell the property as individual owner-occupied units."
Marla Knight, who was until recently being evicted by UGI from her home in North Beach describes: “I like to use the term ‘demographic cleansing’ since that is what these evictions of moderate to low income people amount to. Though I guess the senior issue does get sympathy, and, of course, I am a senior, I think that there should be equal emphasis on families and artists. I tutor at Telegraph Hill Neighborhood Center and was talking with a ten year old who lives with her mom and dad and brother in a rental unit a few blocks from me in North Beach. Having brought my own daughters up in this lively neighborhood, one which my grandchildren love to come and do overnights with me, I was thinking how sad that this little girl's family is at risk. The loss of the middle class as you know does not bode well for the future of a city or, of course, a country”.
* Urban Green Investments is a subsidiary of Cornerstone Holdings, LLC based in Broomfield, CO. The CEO is Thomas D. McCloskey, David's father. "Cornerstone Holdings, LLC is a privately owned investment management and real estate development Company. Cornerstone focuses on opportunistic investments in profitable middle market companies via direct investments. Cornerstone partners with strong management teams to actively add value and grow businesses. Cornerstone Holdings is not structured like a traditional private equity/venture capital fund and therefore does not have the same time and investment constraints as funds. The team at Cornerstone has substantial private company investment experience which spans from startup ventures to traditional leverage buyouts to distressed turnarounds."
Urban Green Investments is a San Francisco Multi-family portfolio: 385 units over fifteen buildings. They recently purchased since October 2012: 130 unit multi-family portfolio in San Francisco and 40 TIC units in San Francisco. In July 2012 UGI picked up a 12-building multifamily portfolio for $38 Million cash from Prana Investments.
Urban Green Investments is involved in roughly 40 LLCs.
Using a number of LLCs, UGI has recently, or is currently, displacing residents from the following buildings:
Multiple protests have been launched against UGI, such as this one.
David McCloskey, Thomas McCloskey and Peter Lynch formed Urban Green Investments in 2008 as a real estate investment company positioned to take advantage of new opportunities created by the distressed real estate and financial markets. Once properties are acquired, Urban Green incorporates an asset plan to add value to income producing properties, and employs a green renovation strategy. Our Team David McCloskey, Founder, Chief Executive Officer David, who has a diverse background in many business ventures, has purchased and sold residential, commercial and mixed use buildings in the San Francisco area for the past six years. David's additional achievements have been in the music profession, aviation flight schools and charter companies.
David Palmer McCloskey, Founder, Chief Executive Officer , is also president of Summit Real Estate Group, Inc. and Urban Green Property Management, Inc. David co-founded and managed the nationally recognized McCloskey Brothers Band. He successfully launched and was the CEO of Cornerstone Aviation Services, and has been involved in various flight school endeavors. David is a licensed California Real Estate Broker, a commercial pilot and flight instructor, and an accomplished musician. David, also is an avid climber, has ascended the face of El Capitan in Yosemite National Park. He holds a B.A. in Music Performance from the University of Colorado.
Thomas D. McCloskey, Founder, Chairman of UGI. He is also Chairman & CEO of Cornerstone Holdings (CO) and McCloskey and Company (HI), and Chairman of UGI (SF), has served as general partner in over 50 partnerships and been involved in a variety of diverse business activities, and high-level strategic development of technology companies and wireless communications markets for the past thirty years. Thomas is Director of John C. Bills Enterprises, Inc. and Northcorp Development, Inc. He is Managing Member of Northcorp 12, LLC. Tom has provided integral leadership since its inception. Tom is the founder of Cornerstone Holdings, a private equity and real estate development company that has provided seed capital to Urban Green Investments. Tom has served as a general partner in over 50 partnerships and has been involved in a variety of diverse business activities. He is Chairman and CEO of Cornerstone Holdings, and McCloskey and Company. Through his affiliation with Palmer Communications, Palmer Wireless (N PWIR) and now Cornerstone Holdings, he has been involved with high-level strategic development of technology companies and wireless communication markets for the past twenty years. Tom served as Chairman of Horizon Organic Holdings (NASDAQ:HCOW), the world's largest organic dairy company from 1993 to 2004, as Director (capital) of Summit Energy Corporation, based in Louisville, Kentucky, and is currently Director of Magna Energy Services. Tom is the founder of the McCloskey Business Plan Competition at University of Notre Dame's Mendoza College of Business. He was formerly Vice President of the Board of Trustees of the Thacher School of Ojai, California. Additionally, Tom volunteers with the Leadership Kaua'i Board of Directors, the Advisory Council of University of Notre Dame's Mendoza College of Business, and the Gigot Center for Entrepreneurial Studies, where he has lectured on business ethics. Tom received a B.A. from the University of Notre Dame and an MBA from the Wharton School of the University of Pennsylvania. He lives in Aspen, San Francisco, and Kauai with his wife of 38 years. They have four children.
Peter Lynch, Founder, President Peter has been in the San Francisco real estate investment business since 1989. Before the formation of Urban Green Investments, Peter founded and ran his own real estate investment company, Lynch Investments. Lynch Investments acquired and renovated 65 buildings in San Francisco during that period, and executed many other projects across the country. Peter has now liquidated the assets and retired from Lynch Investments. Peter holds a Bachelor's degree from Whitworth College and a Master's degree from the University of Houston. Peter is also active in the community at the San Francisco Zen Center and the University Club. He Ellised three units in 1998:
Lynch Associates do a lot of TIC (Tenancy in Common) evictions and have done three Ellis evictions. They are very active in the Mission. Various partners were involved in up to half a dozen owner move-in evictions since 1996. They specialize in "bluff" evictions: They give people OMI notices or Ellis notices; tenants move when they receive the notice; then Lynch withdraws the notice. One tenant activist calls them "bottom feeders." They buy rundown buildings and try to drive the tenants out however they can.
Bonnie P. McCloskey, partner of Tom at Cornerstone Investments, and David’s mother, gave over $50k to McCain Palin race, and then Romney's. She and Tom received much community pushback in Aspen in 1987 after purchasing land and disrupting a much loved trail.
Michael Karpowisz Asset Manager and General CounselMichael has managed multi-family assets for UGI since 2010.He oversees assets in the Bay Area and coordinates legal advisors. Michael holds a B.A. from the University of Notre Dame and a J.D. from the University of San Francisco School of Law. He is a current member of the California Bar.
Michael Karpowicz, brother-in-law of David McCloskey, is Urban Green's Asset Manager and General Counsel. "Michael joined Urban Green Investments in June 2010. His responsibilities include executing asset plans and managing the Company's legal affairs. Previously, Michael has worked as a law clerk for Alston Hunt Floyd & Ing. in Honolulu, HI, and co-managed a start-up business in Colorado. Most recently, he worked as a proxy research associate for Glass, Lewis & Co. in San Francisco."
1746 Union St, SF, CA
UGI and/or David McCloskey is a member of the following LLCS:
Cornerstone Holdings, LLC
2300 Red Mountain Road
Aspen, CO 81611-1710
Tom McCloskey ext 3
Bonnie McCloskey ext 4
Urban Green Investments
1746 Union St, SF, CA
Thao Devine: 415-659-9407
Urban Green Investments, LLC
11001 W 120th Ave
Broomfield, CO 80021
370 17th St
Denver, CO 80202
Thomas and Bonnie McCloskey
730 E Durant Ave
Aspen, CO 81611
202 E Durant Ave
Aspen, CO 81611
McCloskey and Company
Post Office Box 539
Anahola, Hawai`i 96703
Phone: (808) 821-0440
Fax: (808) 821-0550
Bonnie Palmer McCloskey
Board of Trustees Aspen Institute