Updated Oct 29, 2024
Trumark Homes Secures $400M Loan From Wells Fargo For Development Site In San Jose
905 N Capitol Ave San Jose, CA 95133, USA
$400,000,000
Units
345
Asset Type
Development Site
Closing
May 30, 2023
About this deal
AI
Trumark Homes has secured a $400 million loan from Wells Fargo Bank to develop a development site located at 905 North Capitol Avenue in San Jose. The loan specifically covers the construction of 32 townhomes within the larger development. These townhomes are part of a project that also includes 345 apartment units, which have yet to receive funding.
Summary of transaction details
- Property Type: Development Site
- Loan Amount: $400,000,000
- Address: 905 North Capitol Avenue
- Market: San Jose
- Lender: Wells Fargo Bank
- Landlord: Trumark Homes - Gregg Nelson & Michael Maples
The loan was provided by Wells Fargo Bank, a well-known financial institution. Trumark Homes, represented by Gregg Nelson and Michael Maples, serves as the landlord for the development site. The loan will enable the construction of the 32 townhomes within the larger project, contributing to the growth and development of the northeast area of San Jose.
On the Map
$400,000,000
Development Site
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Players
Los Angeles Development Site Market Snapshot
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Deal FAQ
Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.04%
Cash-on-Cash
-0.01%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93