SAN JOSE — A lender has canceled a loan default involving two San Jose office buildings, a welcome reversal that enables the owners of the buildings to stabilize their financing with fresh funding.
The office buildings are located at 1955 and 1961 The Alameda, a prime spot next to the interchange with Interstate 880.
Security National Life Insurance, which had provided the financing for the two buildings in April 2023, rescinded a loan default notice, according to documents filed on May 10 with the Santa Clara County Recorder’s Office.
The lender’s decision allows the building owners to scout for long-term funding for the two properties.
The owners of the buildings hope to land a small business loan to replace the existing financing.
“We’re working on getting an SBA loan to replace the current loan,” said Claudia Folzman, a business executive who heads up the real estate entities that own the two buildings.
Folzman and David Edgar are listed as individuals who head up the ownership group for the 1955 The Alameda office building, public records show. Folzman is also listed as a person who heads up the group that owns the 1961 The Alameda building, according to county documents.