Max Benjamin Partners Secures $15.3M Construction Loan For 21-Unit Condo Project In San Jose

The asset involved in this transaction is a multifamily development project consisting of 21 units, located in San Jose. The total loan amount secured for this construction project is $15,300,000, which encompasses a loan type structured for construction with specific terms of 75% loan-to-value (LTV), 85% loan-to-cost (LTC), an interest rate of 10.37%, and an 18-month term.

Summary of transaction details:

• Property Type: Multifamily
• Transaction Amount: $15,300,000
• Loan Type: Construction
• Loan Terms: 75% LTV; 85% LTC; 10.37% IR; 18 Month Term
• Brokers: Yuchen Ai & Max B. Mellman - Max Benjamin Partners

Yuchen Ai and Max B. Mellman of Max Benjamin Partners played a critical role in securing the construction financing. They collaborated with a locally based, experienced developer to devise a financing solution that minimized cash upfront, covering the project costs, vertical budget, and ensuring a fully funded interest reserve to support the project's development. Their expertise and capital relationships contributed substantially to structuring an effective financial package for this project.