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Citizens Bank Provides $87.4 Million Construction Loan To Brandt Bowden And Scott Youdall In San Jose

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FINANCED
$87,400,000

California

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Development Site
Financed 03/26/2025
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Property Image
FINANCED

Citizens Bank Provides $87.4 Million Construction Loan To Brandt Bowden And Scott Youdall In San Jose

905 North Capitol Avenue

See Similar Deals
Development Site
Financed 03/26/2025
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Summary

CALIFORNIA
Asset Type:Development Site
Transaction Type:Loan

The property asset involved in the transaction is located at 905 North Capitol Avenue in the San Jose market. It is classified as a development site, which indicates its potential for construction and development activities, rather than existing structures. The loan amount secured for this asset is $87,400,000.00 and it falls under the construction loan type, suggesting that the financing will be utilized for development purposes on the site.

Summary of transaction details:

  • Property Type: Development Site
  • Transaction Amount: $87,400,000.00
  • Loan Type: Construction
  • Lender: Citizens Bank
  • Landlord: Brandt Bowden & Scott Youdall - The Hanover Company
  • Date of Loan: 03/26/2025

The deal is represented by the landlord Brandt Bowden & Scott Youdall from The Hanover Company. Their involvement indicates the role of these individuals in facilitating the leasing or management aspect of this development site, ensuring the proper execution of the transaction according to the interests of the landlord.

Players

LENDER

BB
8 deals$570.2M volume
LANDLORD

Details

FINANCED
IMAGE: Brandt Bowden DATE: 03/26/2025 ADDRESS: 905 North Capitol Avenue MARKET: San Jose ASSET TYPE: Development Site ~ ACRES: 2.1 LENDER: Citizens Bank (@CitizensBank) LANDLORD: Brandt Bowden & Scott Youdall - The Hanover Company (@HanoverCompany) LOAN AMOUNT: $87,400,000 LOAN TYPE: Construction NOTE: The Hanover Company secured an $87.4 million construction loan from Citizens Bank to build a 345-unit mixed-use apartment complex in north San Jose. The city waived $4.9 million in fees and taxes to support the project, which will include 328 market-rate units, 17 affordable units, and 2,900 square feet of office space.

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Deal Type
Debt Service Coverage Ratio (DSCR)

1.05x

Max Loan Amount

$87,400,000.00

Monthly NOI$582,666.67
Monthly Debt Service$552,427.45
Change in Cash Flow$0.00
Refinance Proceeds$0.00