Skip to content

Fosterscoachhousetavern

Consummate Home Connoisseurs

  • Real Estate
    • Garden
    • Home Design
  • Decoration Kitchen
  • Decoration Badroom
  • Decoration Living Room
  • Home Improvement
  • Toggle search form
  • Home Remodeling Spending Expected to Increase into 2022 Home Improvement
  • Ten elegant living rooms featuring Japandi interior design Decoration Living Room
  • Stunning three bedroom cottage in semi rural Doncaster Decoration Badroom
  • What to Plant in the Fall for the Lushest Garden You’ve Ever Seen Garden
  • Real Estate Syndication Platform, My Vertical Equity, Licenses Digital Transfer Agent Platform, Vertalo, To Launch Business That Issues Digital Equity of Real Estate Properties Real Estate
  • What $1.25 Million Buys you in North Carolina, Connecticut and California Real Estate
  • Burned by Hot Housing Market, Some Buyers Back Off Real Estate
  • According to NASA, these 10 plants can purify the air Decoration Badroom

Sales start for bankrupt developer’s Bay Area real estate empire

Posted on July 24, 2021 By admin

SAN JOSE — An apartment complex in downtown San Jose is slated to become the first property unloaded as part of the auction of the pieces of the real estate empire of a bankrupt developer implicated in a federal fraud case.

The first property to find a potential buyer — at a $54.2 million price — is a big apartment building at 138 Balbach St. in downtown San Jose, according to papers filed July 16 with the U.S. District Court in the fraud case linked to bankrupt developer Sanjeev Acharya.

Court-appointed receiver David Stapleton is attempting to sell properties owned by Acharya, president of Silicon Sage Builders and a real estate executive who is at the center of a Securities and Exchange Commission proceeding.

“The receiver has accepted an offer from Carmel Partners Realty VII to purchase the property,” documents on file with the federal court show.

The proposed buyer is an affiliate of San Francisco-based Carmel Partners, which specializes in the ownership of apartment buildings.

The apartment building on Balbach Street has a choice location a short distance from San Jose’s trendy  South First Area, or SoFA district, and the city’s convention center.

The residential complex, which was completed in 2019, also appears to be in healthy shape.

“Nearly all” of the 101 residential units are currently rented, according to the court papers.

The receiver hopes to sell the array of Silicon Sage properties at high enough prices to enable the investors and creditors linked to Acharya’s projects to recoup at least some of the money they are owed by Acharya.

“The property was aggressively marketed and had been on the market before,” the receiver stated, regarding the attempts to find a buyer for 138 Balbach St.

JLL, a commercial real estate firm, handled the marketing of the apartment complex and arranged the transaction on behalf of the receiver. JLL conducted at least 47 tours of the apartment building and conducted multiple rounds of bids, court papers show.

Entry area of a 101-unit apartment building at 138 Balbach St. in downtown San Jose. // George Avalos / Bay Area Newsgroup

Numerous other Acharya-held properties, some complete, some partially built, and some completely undeveloped are also expected to be marketed for sale by the receiver.

The Bay Area properties involved in the marketing efforts were originally proposed or developed by Acharya and the company he heads, Silicon Sage Builders. The Securities and Exchange Commission has accused Acharya and Silicon Sage of fraud. Silicon Sage was shoved into court-ordered receivership this year.

Silicon Sage projects and properties in San Jose, Fremont, Santa Clara, Sunnyvale, Morgan Hill, and Hayward face varied futures, according to records on file with the U.S. District Court in San Francisco.

The Balbach Street apartments transaction in downtown San Jose, if completed along the terms sketched out in the court papers, could achieve the primary goals of the property sales.

The sale of the property will be used to pay off the lender on the apartment complex, as well as to pay mechanic’s liens that eight different contractors filed against the building. The lender will be paid about $39.9 million. The contractors are owed a combined $400,000.

After paying JLL a commission and the payment of closing costs, several million will be left over to pay the creditors and investors of Silicon Sage and Acharya.

“Receiver expects that the receivership estate will net approximately $12.6 million from the sale,” the court documents state.

A 101-unit apartment building at 138 Balbach St. in downtown San Jose. // George Avalos / Bay Area Newsgroup

 

 

Real Estate Tags:Area, bankrupt, Bay, developers, empire, estate, Real, Sales, start

Post navigation

Previous Post: Palm Beach Real Estate Is So Hot, at Least 22 Homes Sold for $40M-Plus Since Covid
Next Post: Schewels, Leggett buildings on Lynchburg’s Main Street sold, real estate firm says | Local News

Related Posts

  • A New York City Home for Less Than $350,000 Real Estate
  • Michael Cohen’s Ex-Partner Sued for Racketeering Real Estate
  • Shore condo for $300K and more South Jersey real estate deals of the week Real Estate
  • What $1.25 Million Buys you in North Carolina, Connecticut and California Real Estate
  • A realtor explains what is going on in this bonkers real estate listing. Real Estate
  • Schewels, Leggett buildings on Lynchburg’s Main Street sold, real estate firm says | Local News Real Estate

Recent Posts

  • Luby’s closes restaurant sales, strikes new deal to sell real estate
  • Home Run Financing Receives Approval in California to Provide Unsecured Home Improvement Loan Product, Called Home Run Loans
  • This gutsy woman is behind one of Sonoma’s top gardens
  • Shore condo for $300K and more South Jersey real estate deals of the week
  • What’s the best way to finance your upgrades?
  • Inside an Art-Filled London Townhouse Brimming With Eclectic Treasures
  • Accessorize your bedroom with these fresh color combinations
  • The Day – McCourts remembered in memorial garden 20 years after tragic deaths

About Us

  • Contact Us
  • Advertise Here
  • Privacy Policy
  • Sitemap

Archives

  • September 2021
  • August 2021
  • July 2021

Categories

  • Decoration Badroom
  • Decoration Kitchen
  • Decoration Living Room
  • Garden
  • Home Design
  • Home Improvement
  • Real Estate

bedroom business California City Commercial Decor decorate Decorating Decoration design Dorm estate family Furniture Garden Gardens Home Homes house housing ideas Improvement interior Kitchen launches living Local Making market Money News Plant Products projects Real renovation Rise room Rooms Sales tips Top trends ways White

  • Partner links

  • Visit Now

    Home
    • This gutsy woman is behind one of Sonoma’s top gardens Garden
    • 12 easy ways to improve your home’s design, according to HGTV’s Leanne and Steve Ford Home Design
    • Home design inspiration: Lightening the look of oak millwork in an old home Home Design
    • 10 Wall Decoration Ideas To Revamp Your Walls Decoration Badroom
    • Greenwood IN Kitchen Upgrade/Remodel – Cabinet Layout Redesign Event Launched Decoration Kitchen
    • Because of a ‘debt of gratitude,’ the Seike Japanese Garden at SeaTac lives on Garden
    • Clear Home Design Furniture Founder Launches Hiddin to Offer Luxury Pet Products Home Design
    • Big Brother 23: A Full Tour Inside The BB23 House Decoration Badroom

    Copyright © 2022 Fosterscoachhousetavern.

    Powered by PressBook News WordPress theme

    We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
    Cookie settingsACCEPT
    Privacy & Cookies Policy

    Privacy Overview

    This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
    Necessary
    Always Enabled
    Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
    Non-necessary
    Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
    SAVE & ACCEPT