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Pacific Housing And Jemcor Development Partners Secure $108M Loan For Affordable Apartment Complex In South San Jose
FINANCED
$108,000,000
California
See Similar DealsDevelopment Site
Financed 05/31/2023
FINANCED
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
See Similar DealsDevelopment Site
Financed 05/31/2023
Summary
CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan
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.
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Deal Type
30 years
10 years
Debt Service Coverage Ratio (DSCR)
1.05x
Max Loan Amount
$108,000,000.00
Monthly NOI$720,000.00
Monthly Debt Service$682,633.47
Change in Cash Flow$0.00
Refinance Proceeds$0.00
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