Regency Capital Partners

Mio Apartments


Mio Apartments

Summary

Regency Capital Partners (“RCP”) has arranged the JV equity and construction debt for the development of this 103-unit, Class A, LEED Certified multifamily community located at 7th and Taylor Street in the heart of San Jose’s Japantown. In spite of supply concerns in the San Jose market, along with the relatively small equity requirement of less than $10M, RCP was able to convey the developer’s expertise in the submarket, management acumen and ability to deliver a superior finished product to market quicker than its competition and secured institutional equity for the project. RCP was also able to secure 5-year partial recourse construction debt, with all recourse obligations removed upon completion of construction, at better than market terms. More important to the client was the loan term of 5 years (not the standard 3+1+1) providing the developer more time to season the Project if market conditions turned.


Transaction Details

LOAN AMOUNT $31,000,000
FINANCING TYPE Equity and Construction
LENDER TYPE Domestic Bank
PROPERTY TYPE Multifamily
PROPERTY ADDRESS
Map
7th & Taylor Streets
San Jose, CA
PROPERTY DESCRIPTION This is a 103-unit complex of luxury apartments in San Jose, CA.