SAN JOSE, CALIF. — JLL Capital Markets has arranged a $30.2 million loan for the refinancing of Monte Alban Apartments, a 192-unit affordable housing complex located at 1324 Santee Drive in San Jose.
Monte Alban Apartments was built in 1970 and renovated in 2006. The garden-style asset consists of 192 apartments across 12 buildings. Units come in one-, two-, three- and four-bedroom layouts. Amenities include a community room, laundry facilities, an exercise room, basketball court, two pools and two playgrounds.
The community was fully occupied at the time of sale and provides rents at 40 to 60 percent below market rates. According to JLL, the refinancing allows for $47,000 per unit in property renovations and upgrades.
JLL worked on behalf of the borrower, The John Stewart Co., to secure the 35-year, fixed-rate HUD 223(f) cash-out loan. Anson Snyder led the JLL Capital Markets debt advisory team.