Jackie Safier Of Prometheus Real Estate Group Secures $80M Construction Loan From J.P. Morgan Chase

The asset involved in this transaction is a 3.8-acre development site located at 5150 El Camino Real in the market of Los Altos. The property is set for a multifamily project consisting of 196 units, including 29 affordable units. A construction loan in the amount of $80,000,000 was secured for this development project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $80,000,000
• Address: 5150 El Camino Real
• Market: Los Altos
• Lender: J.P. Morgan Chase
• Landlord: Jackie Safier - Prometheus Real Estate Group
• Loan Type: Construction
• Acres: 3.8

The construction financing follows Prometheus Real Estate Group's acquisition of the site, which was court-approved in 2021 after the previous developer faced default on a $42 million loan. Jackie Safier represents Prometheus Real Estate Group in this deal.