"The Neo on First is in default on $21 million in financing, according to documents filed on Sept. 4 with the Santa Clara County Recorder's Office. CTBC Bank Corp. provided the loan that has become delinquent. 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)"
"The 50-unit apartment complex is located at 975 South First St., a few blocks from the southern edges of downtown San Jose. The four-story property was built in 2020. The San Jose residential hub's loan default is the latest example of widening problems in the housing market in the Bay Area. The Neo complex is a few blocks from another San Jose apartment property that is also in default on its financing."
The Neo on First, a 50-unit, four-story apartment complex at 975 South First St. in San Jose, is in default on a $21 million loan provided by CTBC Bank Corp. Documents filed Sept. 4 with the Santa Clara County Recorder's Office show the financing has become delinquent and the property faces potential foreclosure. The building was completed in 2020 on land that the ownership group bought in 2017 for $5.2 million. The principal owner is Cupertino-based Neo Assets, with CEO Xuhan Yu. The property offers amenities including a bocce ball court and sits a few blocks from downtown and other defaulted apartment projects, reflecting widening Bay Area housing-market stress.
Read at www.mercurynews.com
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