A significant San Jose commercial property at 2290 North First Street has been seized via foreclosure, indicating a troubling trend in Bay Area office property values. Prime Finance Short Duration Holding Co. acquired the building after a $12 million loan foreclosure, taking it over at a reduced value of nearly $9 million—about 55.3% lower than its earlier assessed value. This property is not alone in its financial struggles, as other local office buildings have also faced similar foreclosures, reflecting a broader issue in the regional real estate market.
The lender for the office building at 2290 North First Street now owns the property following a foreclosure, reflecting a significant plummet in Bay Area commercial property values.
After foreclosing on a $12 million loan, Prime Finance Short Duration Holding Co. took ownership of the building, now valued at under $9 million, indicating a 55.3% devaluation.
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