SAN JOSE — A construction firm has filed papers that seek to shove the owner of a San Jose housing tower into involuntary bankruptcy, a proceeding that arrives at the same time the property faces foreclosure over a delinquent real estate loan.
Suffolk Construction has launched an involuntary Chapter 7 bankruptcy proceeding against the real estate affiliate that owns The Fay, a 336-unit, 23-story apartment tower at 10 East Reed Street in downtown San Jose.
The tower, developed by two real estate firms, Scape and Morro USA, could be auctioned off this year due to a $182.5 million construction loan that’s in default, according to documents on file with the Santa Clara County Recorder’s Office.
Suffolk, a general contractor that was responsible for the overall construction work on the tow

The Mercury News California

KPIX 5
CNN
The Babylon Bee
Atlanta Black Star Entertainment
Cleveland 19 News
AmoMama
AlterNet
Raw Story