Updated Oct 29, 2024
Catholic Charities Receives $75.4M Loan For 99-Unit Affordable Housing Complex In San Jose
551 Keyes Street San Jose, California 95112, Usa
$75,400,000
Units
99
Asset Type
MultiFamily
Closing
Jun 14, 2023
About this deal
AI
The Charles, a 99-unit affordable housing complex located at 551 Keyes Street in San Jose, has received $75.4 million in public funds. The project is part of Catholic Charities of Santa Clara County's initiative to construct over 300 affordable homes across three sites.
Summary of transaction details
- Property Type: Multifamily
- Transaction Amount: $75,400,000
- Units: 99
- Landlord: Catholic Charities - Gregory Kepferle
- Market: San Jose
Catholic Charities, represented by Gregory Kepferle, has secured $75.4 million in public funds to finance The Charles. This undertaking aligns with the county's goal to address the need for affordable housing in the area, providing safe and accessible homes for its residents.
On the Map
$75,400,000
MultiFamily
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Market MultiFamily Market Snapshot
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.21%
Cash-on-Cash
-0.06%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93