Updated Dec 21, 2023
Pacific Housing And Jemcor Development Partners Secure $108M Loan For Affordable Apartment Complex In South San Jose
1007 Blossom Hill Rd San Jose, CA 95123, USA
$108,000,000
Units
271
Asset Type
Development Site
Closing
May 31, 2023
About this deal
AI
The View at Blossom Hill Apartments, a seven-story affordable apartment complex, is set to be built in South San Jose. The development site spans approximately 1.9 acres and is located at 1007 Blossom Hill Road. The project, spearheaded by Pacific Housing and Jemcor Development Partners, received a $108 million construction loan. The loan was secured from California Municipal Finance Authority and Deutsche Bank.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $108,000,000
- Address: 1007 Blossom Hill Road
- Market: South San Jose
- Loan Type: Construction Loan
- Lender: California Municipal Finance Authority & Deutsche Bank
- Landlord: Pacific Housing - Mark Weise; Jemcor Development Partners - Jonathan Emami
The View at Blossom Hill Apartments, consisting of 271 units, is expected to be completed by summer 2025.
Players
Los Angeles Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.15%
Cash-on-Cash
-0.04%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93