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Santa Cruz County Bank set to foreclose on San Jose project site
Former owner defaulted on $3M loan, giving the lender an option to seize the property
From left: Century Tower’s Fred Mayer and Santa Cruz County Bank CEO Krista Snelling along with 395 South Winchester Boulevard in San Jose (Getty, Century Tower, Santa Cruz County Bank, Google Maps)
Santa Cruz County Bank may auction off a housing project site in San Jose after its former owner defaulted on a $3 million loan.
The Santa Cruz-based lender warned it might auction off, or seize through a foreclosure, a commercial building at 395 South Winchester Boulevard, the San Jose Mercury News reported, citing public records.
Century Tower, led by San Jose-based real estate investor Fred Mayer, bought the third-acre property in 2019 for $5.5 million. The firm then filed plans for a 16-unit apartment complex near Westfield Valley Fair Mall and Santana Row.
In 2020, Century borrowed $3 million from Santa Cruz County Bank. Then it defaulted on the loan.
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In October, Mayer’s firm sold the site to an undisclosed investment group based in Fremont for $4.8 million.
Nonetheless, the bank will either auction off, or foreclose on the building because of the unpaid debt. The building appears vacant in a March photo by Google Maps. A Loopnet depiction shows it occupied by a piano store.
— Dana Bartholomew
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