Real estate” Gilroy auto dealership property suffers loan default

GILROY — A loan default notice has been filed against the Gilroy property that is the location of an automobile dealership, a fresh sign of coronavirus-linked economic woes.

The Gilroy property is the location of South County Chrysler Jeep Dodge Ram, whose telephone recording stated on Tuesday that it was closed due to government-ordered business shutdowns.

The notice of default was filed against South County Properties Gilroy for a mortgage on two sites in Gilroy, Santa Clara County public documents show.

The two parcels include the location where South County Chrysler Jeep Dodge Ram has been operating an auto dealership at 455 Automall Parkway in Gilroy, public documents show.

Kamran Virani, an executive based in Houston, is listed as the principal executive for loan borrower South County Properties Gilroy. Virani and his co-borrower on the loan, Noworen Moeenuddin, couldn’t be reached for comment on Tuesday and in recent days.


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RFR Accuses Vanke of “Power Grab” After Condo Loan Default

100 East 53rd Street,  China Vanke chairman Yu Liang and RFR's Aby Rosen (Photos via Structure Tone and Getty)

100 East 53rd Street,  China Vanke chairman Yu Liang and RFR’s Aby Rosen (Photos via Structure Tone and Getty)

First came the condo market slowdown. Then came the pandemic. And now, Aby Rosen’s luxury development at 100 East 53rd Street is in crisis because of an improper “backdoor deal.”

The partner, China Vanke, “orchestrated an irreconcilable and grossly improper conflict of interest” that put it “on both sides of the borrower-lender relationship without RFR’s consent,” Rosen’s firm alleges in a lawsuit filed last Friday in New York County Supreme Court, Crain’s reported.

Vanke now has a $115 million interest in a defaulted $360 million loan on the project, which the Industrial and Commercial Bank of China originally provided in 2015. The Chinese developer now has the right to foreclose or make other decisions about the fate of the property while also having insider access to RFR’s plans — making it

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Chicago Loop office building for sale after being flagged for potential default

A sale at that price would barely cover the $24.4 million loan a Wilton venture took out in 2017 when it refinanced the property, which is just 60 percent leased, according to a Bloomberg report tied to the debt. The loan was packaged with other mortgages and sold off to bondholders.

The property at the time was appraised at $28.8 million, and the Wilton venture renovated the building in 2018 with a series of projects including a new tenant lounge and fitness center and lobby updates, according to CBRE.

The move to sell the 24-story art deco building comes less than two months after the loan was transferred to a special servicer, normally a red flag to investors in the commercial mortgage-backed securities loan that the owner could default. Net cash flow at the building has fallen well short of what the Wilton venture needed to cover its debt service

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