CSR Commercial Capital closed on a $17,000,000 construction loan for a 4 story mixed use podium build project located at 955 South First Street just south of downtown San Jose. The project consists of 50 apartment units ranging from 1 to 3 bedrooms, along with five ground floor retail spaces totaling 5,136 s.f. Parking for the project consists of 74 residential spaces and 28 commercial spaces. Tenants will also benefit from lush landscaping, a 452 s.f. children’s play area, and over 5,800 s.f. of courtyard space featuring barbecue and picnic areas.
The project was brought in to CSR Commercial Capital by the President of CSR’s commercial sales and leasing division, Tony Odom, who previously acquired the property for the client.
“The most challenging aspect of this transaction,” commented Duane Hood, President of CSR Commercial Capital, “was that we had an out of country borrower who, although he possesses permanent residency and extensive experience overseas, is not a U.S. citizen and has not previously developed in the U.S. Aside from those regulatory challenges, however, we could not have asked for a better client. His responsiveness and decisiveness were instrumental in his ability to close this loan and move this exciting project toward completion.”
A representative for the buyer and partner in the ownership group commented, “In addition to just obtaining the land, CSR acted as a full service commercial real estate firm throughout this transaction, including interviewing the architects and general contractors and working with the city and title company to resolve issues. Moreover, CSR interviewed many qualified lenders, then brought us the most competitive commitments. We were able to select a lender which best suited our needs. We couldn’t be happier with the work the team at CSR has done.”