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Swenson-led ownership group has defaulted on a $12 million loan for a 75,900-square-foot office building in San Jose. The loan was provided by Prime Finance Short Duration Holding in 2021 and had an outstanding balance of $10.1 million as of the default notice filing. Craig Cameron, chief financial officer for Swenson, is listed as the agent.

    The two-story building at 2290 North First Street was built in 1984 and sits across from PayPal's headquarters near the San Jose International Airport. Vacancy rates at the property are unknown. Swenson has a long history of developing significant landmarks in San Jose, including the Hotel de Anza and City Hall.

    This is not an isolated incident; other north San Jose office property owners have struggled financially. A building at 3100 North First Street was foreclosed on by its lender in May and sold to a biotech company for $17.5 million. Another building at 10 West Tasman Drive was taken back by its lender through foreclosure last month, valued at $23.7 million despite an assessed value of $51.3 million.

    Swenson has been active in San Jose's real estate market, recently securing $150 million in financing for a student housing complex and filing plans to build an affordable housing complex this fall.