Two San Jose office buildings stabilize loan as lender cancels default

SAN JOSE — A lender has canceled a loan default involving two San Jose office buildings, a welcome reversal that enables the owners of the buildings to stabilize their financing with fresh funding.

1955 The Alameda and 1961 The Alameda , office buildings in San Jose. “We’re working on getting an SBA loan to replace the current loan,” said Claudia Folzman, a business executive who heads up the real estate entities that own the two buildings. 1961 The Alameda totals 2,500 square feet. That building’s tenants include the Hispanic Foundation of Silicon Valley.

Part of the current financing was used for a wide-ranging interior upgrade for the 1955 The Alameda building that Iron Construction occupies.

Source: Loan Digest (loandigest.net)

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