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:

• Property Type: Garage
• Transaction Amount: $23,000,000
• Lender: Philadelphia Life Insurance, New Era Life Insurance, New Era Life Insurance of the Midwest
• Landlord: Chris Jiashu Xu & William Wang
• Previous Loan Amount: $19,500,000
• Previous Holder: Z&L Properties

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.