"CTBC Bank Corp. provided $20 million in financing for the four-story apartment building, which was completed in 2020. The Neo on First, an apartment complex at 975 South First Street south of downtown San Jose, seen on Sept. 16, 2025. (George Avalos/Bay Area News Group) CTBC Bank intends to auction off the property to the highest bidder in early 2026."
"The lender is poised to foreclose on the $20 million loan and take back the property should no bidders emerge. A Cupertino-based business entity owns the complex. Xuhan Yu is listed as the entity's chief executive officer, according to state public documents. In 2017, The Neo at First ownership group paid $5.2 million to buy several parcels that provided the land for the eventual apartment complex, county records show."
The Neo at First, a 50-unit apartment complex at 975 South First St., went into loan default in September. CTBC Bank Corp. provided $20 million in financing for the four-story building completed in 2020. CTBC Bank intends to auction the property to the highest bidder in early 2026 and will foreclose and retake the property if no bidders emerge. A Cupertino-based business entity owns the complex, with Xuhan Yu listed as chief executive officer. The ownership group paid $5.2 million in 2017 for parcels that provided the land. Nearby properties include The Fay, which defaulted on a $182.5 million construction loan.
Read at www.mercurynews.com
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