"The vacant land at issue is a rotting, empty former Greyhound Station,"
"the lender has the resources to develop this piece of property as originally entitled."
"Z&L lacked the ability or capacity to develop on the Greyhound site,"
"It wasn't a surprise to anyone that the lender took the property back."
A Texas-based affiliate controlled by executives including Chris Jiashu Xu and William Wang foreclosed on the long-abandoned Greyhound bus terminal in downtown San Jose after a delinquent $19.5 million loan. The foreclosure was recorded Oct. 22 with the Santa Clara County Recorder. The parcel at 60 and 70 South Almaden Ave previously had city approval for a 708-unit housing development that never broke ground under an affiliate of China-based Z&L Properties. The lender told a bankruptcy court it has resources to develop the property, while local consultants said Z&L lacked capacity and the takeover was unsurprising.
Read at The Mercury News
Unable to calculate read time
Collection
[
|
...
]