A real estate auction for a $264 million delinquent loan on two housing towers in San Jose has been scheduled for early February, revealing ongoing financial struggles.
FPP MB, an affiliate of Z&L Properties, faces a scheduled foreclosure auction due to a $212.5 million unpaid debt, suggesting significant issues in their San Jose real estate projects.
The primary lender filed a notice of default against the residential towers, signaling increasing economic challenges for Z&L Properties and raising concerns about their troubled investments.
Despite prior assurances from the developer regarding their loan issues, the latest court records indicate that the financial struggles have continued, putting the property at risk.
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