Real Estate “Gilroy car dealership property suffers from default
GILROY – A loan default notice has been filed against the Gilroy property which is the location of a car dealership, a further sign of economic hardship linked to the coronavirus.
The Gilroy property is the location of South County Chrysler Jeep Dodge Ram, whose phone record said Tuesday was closed due to government-ordered business closures.
The notice of default was filed against South County Properties Gilroy for a mortgage on two sites in Gilroy, in Santa Clara County Public Records.
The two plots include the location where the South County Chrysler Jeep Dodge Ram operates a car dealership at 455 Automall Parkway in Gilroy, according to public documents.
Kamran Virani, a Houston-based executive, is listed as the chief executive officer of South County Properties Gilroy’s credit borrower. Virani and his co-borrower on the loan, Noworen Moeenuddin, could not be reached for comment.
The Virani-led group bought the two plots in 2018 from seller Global Health Care Management, according to real estate documents.
South County Gilroy Properties paid $ 6.5 million for the plots, according to a registry database.
The purchased parcels have addresses of 455 Automall Drive, which is the concession building; and 6700 Automall Court, which is a parking lot, according to county assessment records.
In conjunction with the purchase of the Gilroy sites, South County Gilroy Properties secured a $ 5.2 million loan from the Department of Commercial Closing, which filed the notice of default against the borrower.
The default notice indicates that the lender may attempt to foreclose on the property if the loan is not paid in full. The amount of the outstanding balance was not immediately clear.