NewPoint Real Estate Capital Loans $39.9M To New Standard Equities For San Jose Multifamily

The property asset involved is the 143-unit Alterra Apartment Homes located at 1640 La Rossa Circle in San Jose. The loan amount secured for this multifamily asset is $39,900,000. This financing replaces a prior loan from 2021 totaling $40.73 million and features a seven-year structure with interest-only payments for the initial four years, followed by a 35-year amortization schedule.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $39,900,000
• Lender: Nick Gesue - NewPoint Real Estate Capital
• Landlord: Edward Ring - New Standard Equities
• Units: 143
• Market: San Jose
• Loan Terms: Seven-year loan with four years of interest-only payments followed by amortization on a 35-year schedule

Key individuals in this transaction include Nick Gesue, representing NewPoint Real Estate Capital, who facilitated the loan, and Edward Ring, who represents New Standard Equities as the landlord. This financing effectively assisted the owner in obtaining a lower interest rate amid fluctuating market conditions.