A San Jose office building that had been seized through a foreclosure in recent years has managed — for now — to avoid a second auction and foreclosure after landing some financing.
The building, located at 826 North Winchester Boulevard in San Jose, had been scheduled to be auctioned off on Jan. 6, but the sale was canceled on Dec. 29, soon after it landed two new loans.
A posting by the trustee in the pending foreclosure showed that the auction of the property was canceled as of Dec. 29. Since the start of the coronavirus outbreak nearly three years ago, the building has had a trio of owners and faced two foreclosure proceedings. The current string of owners for the property originated in the spring of 2020, a review of county real estate records shows.
Eventually, the property’s mortgage became delinquent and the building was auctioned off through a foreclosure proceeding. In 2021, Kenneth Coleman’s group proposed a mixed-use project with ground-floor retail or restaurant uses. Residences would sprout on the floors above, a summary of the planning documents shows.
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