BrightSpire Capital has taken control of a 9-acre housing development site in Santa Clara that could yield up to 950 housing units, following a deed in lieu of foreclosure. The lender seized the property from Related California, which surrendered ownership of the site it purchased for $64.1 million in 2015. The project had not commenced vertical construction. BrightSpire Capital had also previously loaned funds to Related California. The firm may be looking at future plans for the Santa Clara site amid scaled-back office development plans in a mixed-use village project.
BrightSpire Capital seized a 9-acre housing development site in Santa Clara capable of producing up to 950 units through a deed in lieu of foreclosure.
Related California surrendered ownership of the property at 2101 Tasman Dr. and 2222 Calle de Luna, which they purchased in 2015 for $64.1 million.
BrightSpire Capital initially provided a loan to Related California in 2019, leading to the recent foreclosure due to lack of development progress.
Plans for the mixed-use village by Related California at Great America Parkway and Stars and Stripes Drive were scaled back due to a weak office market.
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