"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 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."
"In July, The Fay apartment complex at 10 East Reed St. in downtown San Jose went into default on its $182.5 million construction loan, county real estate records show. The Fay is a 23-story residential tower with 336 units that opened with much fanfare in December 2024 as a housing complex that could help fuel a downtown San Jose revival if its residents dine, shop, drink and seek entertainment in the area."
"The Neo on First offers amenities that include a bocce ball court, according to the website, which also touts its location near downtown San Jose. The apartment complex's principal owner is a Cupertino-based business entity called Neo Assets. The chief executive officer of the entity is listed as Xuhan Yu. The ownership group for Neo at First developed the property after buying the site."
The Neo on First, a 50-unit, four-story apartment complex at 975 South First St. near downtown San Jose, is in default on a $21 million loan provided by CTBC Bank Corp., with the delinquency recorded Sept. 4. The property was built in 2020 on parcels purchased in 2017 for $5.2 million by the Neo Assets ownership group, whose CEO is listed as Xuhan Yu. Amenities include a bocce ball court and close proximity to downtown. The default adds to a trend of Bay Area apartment loan delinquencies driven by relatively high interest rates and refinancing challenges.
Read at The Mercury News
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