Erik Jon Gustafson
The property at 2202 Broadway will go up for auction Aug. 1.
The property at 2202 Broadway has been served with a foreclosure notice and will go up for auction August 1, according to the San Antonio Business Journal. The current ownership — operating under the entity Ramco Stamping USA Inc. — has not been current with its mortgage from JCMD Investment Capital, prompting the notice.
Local veteran real estate lawyer Kevin Berry has been appointed by JCMD Investment Capital to handle the sale of the property, which has been home to a number of high-profile, locally owned food concepts over the years, including Chilaquil, Carnitas Don Raul and Aroy Ver Thai Bite. It also hosts retail and lifestyle concepts such as Bexar Goods and The Stream mobile barber shop.
Whether these small businesses will be affected by the sale, Berry said, depends entirely on who purchases the property via the auction.
“If the lien is superior to any lease or rental agreement that [the vendors] have, [the existing agreements] may or may not be continued. That’s in the hands of the party that's the owner of the property after the foreclosure sale,” Berry told the Current. “The borrower may very well resolve the issue to everybody’s appreciation. So we just don't know, until at least after 10 o'clock on August 1.”
Operating entity Ramco Stamping received a $479,000 mortgage in 2020, the SABJ reports. According to the Bexar County Appraisal District, the property's 2023 assessed value is about $1.3 million.
The property includes the original 2,760-square-foot Broadway News building that serves as the anchor for the site, as well as the lot, which is slightly larger than a quarter of an acre, according to commercial real estate listings.
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