Updated Aug 19, 2025
Genesis Capital Provides $28.128M Construction Loan For Development Site At 40 Main Street
40 Main Street
$28,128,000
Units
15
Asset Type
Development Site
Closing
Aug 14, 2025
About this deal
AI
The property asset involved in this transaction is located at 40 Main Street, Los Altos, which is characterized as a development site. The transaction includes a construction loan amounting to $28,128,000 intended for the construction of a 15-unit luxury condo project featuring 3,193 square feet of ground-floor retail space. The development is situated in downtown Los Altos, a prime location within Silicon Valley.
Summary of transaction details:
- Property Type: Development Site
- Transaction Amount: $28,128,000
- Lender: Genesis Capital
- Landlord: 40 Main Street Offices
- Loan Type: Construction
- Loan Terms: two-year, floating-rate
- Developed By: Base Builders
- Brokers: Chris Gandy & Ethan Habecker - JLL
Key individuals in this deal include Chris Gandy and Ethan Habecker, who represented the landlord 40 Main Street Offices through JLL Capital Markets in arranging the loan. Their role was instrumental in securing financing for the development project.
On the Map
$28,128,000
Development Site
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Players
Los Altos Development Site Market Snapshot
Boundary boundary · Development Site · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.56%
Cash-on-Cash
-0.16%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93