The asset involved in this transaction is a development site located at 486 West San Carlos Street in San Jose. The property is set for a multifamily project comprising 278 units with a construction loan amount of $112,500,000. The eight-story building is among the first approved under the city’s new Multifamily Housing Incentive Program, marking a significant step in urban development.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $112,500,000
• Lender: Andrew Chen & Shin Bowers - Beach Point Capital
• Landlord: Erik Hayden - Urban Catalyst
• Loan Type: Construction

The transaction features key individuals including Andrew Chen and Shin Bowers representing Beach Point Capital in the lending process. Erik Hayden is the landlord representing Urban Catalyst, the organization responsible for developing the project, which has officially begun construction this month.