JLL Capital Markets assists in securing HUD 223(f) refinance loan for Monte Alban Apartments, a 192-unit affordable complex in San Jose
News release
29 October 2024
$30M financing arranged for San Jose affordable housing community
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LOS ANGELES, Oct. 29, 2024 – JLL Capital Markets announced today that it has arranged a $30,168,200 refinancing for Monte Alban Apartments, an affordable housing complex in San Jose, California.
JLL worked on behalf of the borrower, The John Stewart Company, to secure the 35-year, fixed-rate HUD 223(f) cash-out refinance loan.
Monte Alban Apartments, located at 1324 Santee Dr., is situated in a prime location near public transit, retail opportunities, schools and employment centers. The community enjoys convenient access to SR-101, I-680 and I-280. It is also a short drive away from the San Jose Mineta International Airport.
San Jose's real estate market is characterized by high demand and limited supply, making Monte Alban Apartments an attractive investment. The property benefits from strong fundamentals, including high occupancy, below-market rents and an experienced sponsor in a supply-constrained market with rising rents.
Built in 1970 and renovated in 2006, the property consists of 192 garden-style units across 12 buildings, offering a mix of one-, two-, three- and four-bedroom apartments. The community maintains 100% occupancy with many long-term tenants and provides rents 40-60% below market rates. Monte Alban Apartments offers a range of amenities including air conditioning, appliances, a community room, laundry facilities, an exercise room, a basketball court, two swimming pools and two playgrounds.
The refinancing allows for $47,000 per unit in property renovations and upgrades.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Anson Snyder.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The John Stewart Company
The John Stewart Company is a leading multi-family real estate development and property management firm operating across California. With over 1,400 employees in five offices, the company offers comprehensive services including property management, construction management, project financing and joint venture development partnerships. The John Stewart Company manages a portfolio of over 400 properties, comprising more than 30,000 residential units that are home to over 100,000 California residents.