A big San Jose office and research building faces foreclosure and seizure by its lender due to a mortgage default.
Weed-choked entry area of 5929 Fontanoso Way in San Jose, an office and research building totaling 78,200 square feet, July 2023.SAN JOSE — A big San Jose office and research building faces foreclosure and seizure by its lender, a fresh reminder of the widening post-coronavirus ailments that afflict the Bay Area commercial real estate market.
Now, the property’s lender, The Evergreen Advantage, has scheduled a public auction for the office building as part of its efforts to foreclose the delinquent loan, according to documents filed on Oct. 23 with the Santa Clara County Recorder’s Office.Due to back-interest, late-payment penalties and unspecified fees, the amount owed by the borrower and property owner has climbed to $24.5 million, according to the real estate records.
At the time of the transaction, Atlas Capital obtained the $18.4 million loan from Evergreen Advantage to finance the purchase.Around that same time, Khloris Biosciences, whose motto “a world without cancer” is splashed prominently on its website, signed a lease for the entire building. Joseph Wu, director of the Stanford Cardiovascular Institute and Lynne Bui, a South Bay oncologist, co-founded Khloris Biosciences.
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