A lender has seized two big office buildings in a tech-rich section of Silicon Valley.
MOUNTAIN VIEW — A lender has seized two big office buildings in a tech-rich section of Silicon Valley, disquieting fresh evidence that the Bay Area’s commercial property woes have yet to run their course.
The buildings together total about 153,400 square feet. Each building totals about 76,700 square feet, according to a marketing brochure. In 2021, the Angelo Gordon-led group paid $100.5 million for the North Whisman buildings, county records show. When the foreclosure deed was filed this week, the amount of unpaid debt on the loan was $95.6 million, the county records show.
This means that the owners faced the forbidding prospect of attempting to refinance the 2021 mortgage in an environment of expensive money due to the current high rates for real estate loans.
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