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60 South Almaden Avenue

Updated Dec 12, 2025

Chris Jiashu Xu And William Wang Secure $23M Loan For San Jose Former Greyhound Station
FINANCEDGarage

Chris Jiashu Xu And William Wang Secure $23M Loan For San Jose Former Greyhound Station

60 South Almaden Avenue

$23,000,000

Building Size

—

Asset Type

Garage

Closing

Dec 11, 2025

About this deal

AI

The asset involved in this transaction is a garage situated at 60 & 70 South Almaden Avenue in the San Jose market. The financing package secured amounts to $23,000,000. This property was previously the site of a Greyhound bus station and was acquired through foreclosure in October, linked to a $19.5 million delinquent loan held by Z&L Properties.

Summary of transaction details:

Key individuals in this transaction include Chris Jiashu Xu, a developer, and William Wang, a business executive, who led a Texas-based ownership group to acquire the property. They secured the loan from multiple insurance companies, indicating a notable financial backing for the project.

On the Map

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$23,000,000

Garage

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Players

New Era Life Insurance
New Era Life InsuranceLender

Chris Jiashu Xu

Landlord

$655.9M

vol

22 deals

Landlord
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San Jose Garage Market Snapshot

Boundary boundary · Garage · Loan transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

0.69%

Cash-on-Cash

-0.20%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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