Yuchen Ai & Max B. Mellman Of Max Benjamin Partners Secures $13.7M Loan For San Jose Condo Development

A construction loan was secured for a condo development consisting of 41 units in San Jose, representing a strategic investment in the housing market. The loan amount is $13,700,000, with a loan type classified as construction. The financing terms include a 75% loan-to-value ratio, 90% loan-to-cost ratio, a 10% interest rate, and an 18-month term for the loan execution.

Summary of transaction details:

• Property Type: Condo
• Transaction Amount: $13,700,000
• Market: San Jose
• Loan Type: Construction
• Loan Terms: 75% LTV; 90 LTC; 10% IR; 18 Month Term
• Brokers: Yuchen Ai & Max B. Mellman - Max Benjamin Partners

Yuchen Ai and Max B. Mellman from Max Benjamin Partners represent the interests of the financing deal. They facilitated the financing for Phase II of the development, which will add 20 new homes to the community, highlighting their capital relationships and structuring capabilities. The execution included features such as zero-cash-to-close, cost reimbursement, full vertical financing, and a fully funded interest reserve.