T
he John Stewart Company has secured a $30.2 million federal loan from the U.S. Housing and Urban Development Department to refinance the Monte Alban Apartments in San Jose, a 192-unit complex that will undergo renovations. The loan exceeds the estimated value of the property, which was valued at $24.8 million in January.

    The multifamily investor plans to upgrade various aspects of the garden-style complex, built in 1970 and revamped in 2006. Renovations will be funded through a cash-out option that provides funds for upgrades across 11 acres, including a dozen buildings. The complex features amenities such as a community room, laundry facilities, an exercise room, basketball court, two swimming pools, and playgrounds.

    Located near the U.S. Highway 101 interchange with I-280 and I-680, the Monte Alban has one-, two-, three-, and four-bedroom apartments that are 100% leased, with rents below market rates. The refinancing will allow for $47,000 per unit in property renovations and upgrades, totaling approximately $9 million.

    The John Stewart Company owns over 400 multifamily properties across California, including 121 properties in the Bay Area and 90 properties in Los Angeles.