Santa Clara , CA
The subject property is a four-unit commercial retail property located one block from Santa Clara University. The property sits on a corner lot and currently is leased to three tenants: a property management company, a popular sandwich shop, and an army-surplus store.
The borrowers purchased the building from the bank at a discount. Due to the previous foreclosure on the property, the tenants were on month-to-month leases. The borrowers were able to successfully secure long term leases for the property and refinanced with a commercial lender.Back