"SAN JOSE - The owner of a San Jose apartment complex that has teetered on the brink of foreclosure has filed for bankruptcy in a move that is poised to delay an auction of the property. The residential hub is The Neo on First, a 50-unit apartment building that is in default on its mortgage, which lender CTBC Bank Corp. provided to the owner in 2017, according to public documents."
"The Neo on First apartment property was scheduled for an auction this month, with CTBC Bank stating it was poised to seize ownership of the complex if no bidders emerged as buyers. On Jan. 6, however, the day before the foreclosure was scheduled to occur, the business entity that owns The Neo on First filed to reorganize its finances, documents posted with a U.S. Bankruptcy Court show. The lender postponed the auction."
The business entity that owns The Neo on First, a 50-unit apartment building at 975 South First St. in San Jose, filed for Chapter 11 reorganization on Jan. 6, one day before a scheduled foreclosure auction. The property went into mortgage default in September 2025 with delinquent financing totaling $21 million from CTBC Bank Corp., which made the loan in 2017. The owner listed the building’s value at $38.1 million and estimated total assets and liabilities between $10 million and $49 million. CTBC Bank postponed the auction after the bankruptcy filing. Nearby, The Fay, a 336-unit downtown tower, also entered loan default in July 2025.
Read at The Mercury News
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