Urban Catalyst Acquires Hotel In Downtown San Jose With $48M Construction Loan
491 W San Carlos St, San Jose, California 95110, United States
$48,000,000
Building Size
—
Asset Type
Hotel
Closing
Jan 2, 2023
AI
Urban Catalyst has secured a construction loan from Poppy Bank for the development of a hotel in Downtown San Jose. The property, located at 491, 493 & 497 West San Carlos Street & 270 Josefa Street, will have 176 keys. The loan amount is $48,000,000.
Summary of transation details
- Property Type: Hotel
- Transaction Amount: $48,000,000
- Address: 491, 493 & 497 West San Carlos Street & 270 Josefa Street
- Market: Downtown San Jose
- Lender: Poppy Bank
- Landlord: Urban Catalyst - Erik Hayden
Erik Hayden, representing Urban Catalyst, played a key role in securing the construction loan from Poppy Bank for the development of the hotel in Downtown San Jose.
Players
San Jose Hotel Market Snapshot
Boundary boundary · Hotel · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.33%
Cash-on-Cash
-0.09%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93