"The office complex is known as Plaza San Ramon. It consists of two similar buildings that together total 312,000 square feet. Texas-based real estate firm C-III Capital Partners had bought the buildings in 2018 and lost them through the foreclosure. The loan delinquency that led to the foreclosure of the loan for the San Ramon buildings underscores the financial difficulties that loom over offices in multiple East Bay markets."
"The office complex is now valued at $30 million as a result of the foreclosure, according to public records. In recent years, Redus has foreclosed on multiple properties in multiple states that Wells Fargo had financed. The new $30 million value for the offices is 58% below the $72.2 million that C-III Capital paid to buy them in 2018. It's also 49% below the $59.2 million in unpaid mortgage debt on the buildings at the time of the foreclosure."
Plaza San Ramon, a two-building office complex at 2000 and 2010 Crow Canyon Place in San Ramon, totals 312,000 square feet. Texas-based C-III Capital Partners purchased the buildings in 2018 with financing from Wells Fargo Bank. Redus Properties, a Wells Fargo subsidiary, foreclosed on the loan and took the buildings back after C-III became delinquent. Public records assign a post-foreclosure value of $30 million to the complex. That value is 58% less than the $72.2 million paid in 2018 and 49% below the $59.2 million in unpaid mortgage debt at foreclosure. Rising vacancy rates and soft rents have pressured East Bay offices. Redus and Wells Fargo have not disclosed their plans for the properties.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]