SAN JOSE — A lender has seized ownership of a big San Jose office building whose loan was delinquent, a fresh reminder of the feeble state of the Bay Area commercial real estate market.
Alviso Park, an LLC comprised of individual real estate investors, was the entity that had previously owned the building and allowed the property to tumble into foreclosure. Money360, an online marketplace for real estate loans, provided to Alviso Park in 2019 a loan totaling $16.3 million, the county records show.
In August 2022, a notice of default was filed against the building. County records show that within the next several days, the default was rescinded, an indication that the mortgage payments were back on track.
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