Genesis Capital Provides $28.128M Construction Loan For Development Site At 40 Main Street

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.