SAN JOSE — The event web site of what was speculated to be a San Jose boutique resort is headed for an public sale and foreclosures on its delinquent actual property mortgage, the second such continuing involving a lodging web site within the Bay Space’s largest metropolis.
The undertaking web site, 2850 Stevens Creek Boulevard, is the place metropolis officers have authorized the event of an 11-story resort with 175 rooms.
The lender for the property, First Credit score Financial institution, intends to public sale off the property or seize the positioning via a mortgage foreclosures in mid-April, paperwork filed on March 23 with the Santa Clara County Recorder’s Workplace present.
The Cambria Resort undertaking default marks at the very least the second resort web site in San Jose that has been authorized by town for improvement that's headed to public sale and foreclosures of a delinquent mortgage with out ever beginning building.
In current days, the lenders for a resort improvement web site at 7 Topgolf Drive in San Jose’s Alviso district filed paperwork that acknowledged the financiers have scheduled an public sale or foreclosures of a delinquent mortgage issued in 2019 that totaled $26.4 million.
The North San Jose resort undertaking on Topgolf Drive had been authorized as a 200-room lodging undertaking.
In each circumstances, the builders of the respective tasks by no means broke floor.
At current, a gasoline station occupies the Stevens Creek Boulevard property. The 7 Topgolf Drive location is empty land and is positioned subsequent to the favored and bustling Topgolf leisure, eating and golfing complicated.
Each accommodations had been authorized previous to the coronavirus pandemic that devastated the worldwide journey and lodging industries.
The financial woes that afflict the Bay Space resort trade within the wake of the coronavirus outbreak aren’t restricted to San Jose.
In San Francisco, the Stanford Court docket Resort, a historic lodging web site at 905 California Road and one of many best-known accommodations within the area, is the focus of an try and discover a new holder of the mortgage on the property, in response to a advertising and marketing flyer reviewed by this information group.
The first financing car for the famed Stanford Court docket Resort is a “non-performing senior mortgage with a complete excellent stability of $108.2 million,” acknowledged the advertising and marketing bundle that’s being circulated by Eastdil Secured, a industrial actual property agency.
A block down the road on Nob Hill, two actual property and lodging companies have teamed as much as purchase the delinquent $56.2 million mortgage for the historic Huntington Resort. The businesses that now management the resort via their buy of the mortgage intend to renovate the resort and reopen it in 2025.
The looming foreclosures of the 2 resort improvement websites in San Jose, coupled with the monetary woes of the 2 historic accommodations nestled on San Francisco’s Nob Hill, are all recent reminders of the financial maladies that also infect the lodging sector within the Bay Space three years after the onset of the coronavirus.