Updated Nov 24, 2023
Bank Of Texas & BOK Financial Provide $78.5M Construction Loan For Development Site In San Jose
3315 Almaden Expressway, San Jose, California 95118, United States
$78,500,000
$1,784,090/SF
Building Size
44 SF
Asset Type
Development Site
Closing
Jan 8, 2023
About this deal
AI
3315 Almaden Expressway in San Jose is a development site with a total acreage of 3.5. The site has a buildable square footage (BSF) of 44,500. This property will undergo construction to become a senior housing facility consisting of 195 homes, including 166 assisted living units and 29 memory care units. The assisted living units will feature 35 studios, 97 one-bedroom units, and 34 two-bedroom units, with a total of 230 beds.
Summary of transaction details
- Property Type: Development Site
- Transaction Amount: $78,500,000
- Market: San Jose
- Lender: The Bank of Texas & BOK Financial
- Landlord: Columbia Pacific Advisors - Alex Washburn; SRM Development - James Rivard
- Loan Type: Construction Loan
The senior housing facility at 3315 Almaden Expressway is being developed with the support of a construction loan valued at $78,500,000. The lenders involved in this transaction are The Bank of Texas and BOK Financial. The landlords of this property are Columbia Pacific Advisors represented by Alex Washburn, and SRM Development represented by James Rivard. This transaction marks a significant investment in the development of a senior housing community.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.20%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93