SAN JOSE — Two smaller San Jose office buildings perched on a prominent site have toppled into a loan delinquency, fresh evidence that the economic woes still hound the Bay Area office market.
Each building is in default on a $6.7 million loan, according to documents filed on May 2 with the Santa Clara County Recorder’s Office.In a time of high interest rates, a growing number of owners of commercial real estate properties are choosing to yield control of the buildings to their lenders because it’s becoming tougher for building owners to land replacement financing.
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