Updated May 13, 2025
Slatt Capital Arranges $19.7M Refinance For Sun Garden Retail Center In San Jose
1600 Monterey Road
$19,700,000
$182/SF
Building Size
107,899 SF
Asset Type
Retail
Closing
May 12, 2025
About this deal
AI
The property involved in this transaction is the Sun Garden Retail Center, located at 1600 Monterey Road in San Jose. It encompasses a total square footage of 107,899 and is categorized as a retail asset.
Summary of transaction details:
- Property Type: Retail
- Transaction Amount: $19,700,000
- Loan Type: Refinance
- Loan Terms: 12-year fixed-rate
- Broker: David Bruni - Slatt Capital
- Market: San Jose
- Asset Size: 107,899 SF
Slatt Capital facilitated the refinancing of the asset, securing the loan from a correspondent life company lender. The transaction was notable for lacking post-closing covenants, reserves, or deposit requirements, indicating robust sponsorship and strong asset fundamentals.
Players
San Jose Retail Market Snapshot
Boundary boundary · Retail · Loan transactions
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
0.81%
Cash-on-Cash
-0.23%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93