A San Jose office building that was seized through foreclosure in 2021 is in default on its loan — again.
SAN JOSE — A San Jose office building seized through foreclosure in 2021 is in default on its loan — again — following two aborted efforts to develop housing on the building’s choice site near the city’s mega malls.
Even so, the delinquent loans that have plagued the property are a reminder that more than a few commercial properties in the Bay Area are mired in financial woes. In the most recent foreclosure threat, Sacramento-based lender Socotra REIT is pushing to auction off the building, Santa Clara County property records show.
The current string of owners for the property originated in the spring of 2020, a review of county property records shows. Eventually, the property’s mortgage became delinquent and the building was auctioned off through a foreclosure proceeding.
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