SAN JOSE — The proprietor of a downtown San Jose housing improvement website has prevented a foreclosures on the property for a second time as efforts have begun to discover a purchaser for the land.
A lender cancelled a discover of default for a mortgage to finance a housing improvement at 51 and 65 Notre Dame Ave., in accordance with paperwork on file with the Santa Clara County Recorder’s Workplace.
West Coast Group Financial institution filed the mortgage default on Sept. 12 towards the property, county actual property information present. West Coast was beforehand generally known as Santa Cruz County Financial institution, which in 2021 offered a $10 million mortgage to finance the property.
The property has been in default on its mortgage twice. The primary default occurred in August 2024. In each situations, the lender rescinded the default.
Individually, the property’s proprietor, an affiliate of Acquity Realty, has been looking for a purchaser for the event website, in accordance with a advertising brochure floated by business actual property corporations Newmark and Kidder Mathews.
Acquity Realty has proposed two distinctly completely different plans for the property.
Initially, it envisioned a mixed-use tower that may have included ground-floor retail, 5 flooring of workplaces, and 12 flooring of housing with 290 residences. The latest model of the undertaking envisions a considerably shorter residential complicated with 148 items.
In 2021, the Acquity Realty affiliate paid $20 million for the property, which as soon as was the positioning of Andy’s Pet Store.
The actual property agency now hopes to promote the positioning for $12.5 million.
Regardless of the monetary uncertainties that loom, the vendor asserts that the 0.7-acre property is in a great San Jose location.
“51 Notre Dame Avenue offers residents the perfect balance, a superb residential experience in a vibrant, walkable neighborhood,” advertising supplies state.
