"SAN JOSE A group that used a foreclosure to buy a key San Jose site has landed tens of millions of dollars in a loan for the blighted property, which the owners have stated they intend to develop. The newly financed property is a former Greyhound bus station in downtown San Jose previously owned by a China-based real estate firm that lost the site through a foreclosure after failing for years to develop homes at the shuttered terminal."
"The Texas-based affiliate of a group that includes real estate developer Chris Jiashu Xu and business executive William Wang took ownership of the downtown San Jose site by foreclosing on a delinquent $19.5 million loan in October. The lenders that provided the late November financing are New Era Life Insurance Co., Philadelphia Life Insurance Co., and New Era Life Insurance Co. of the Midwest, county real estate records show."
A Texas-based affiliate acquired a prominent downtown San Jose site by foreclosing on a delinquent $19.5 million loan in October. The property at 60 and 70 South Almaden Ave. is a former Greyhound bus station that had been owned by China-based Z&L Properties, which faced years of failed development efforts and court battles. The site received $23 million in financing from three insurers in late November, including New Era Life Insurance Co. and Philadelphia Life Insurance Co. The financing amount is smaller than typical construction funding but indicates the ability to attract institutional lenders for redevelopment.
Read at www.mercurynews.com
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