realestate

Developer John Steward secures $30 million loan for San Jose apartment renovation project

The John Stewart Company secures $30.2M federal loan for San Jose apartment complex renovation.

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.

Developer John Steward in San Jose receives $30M loan for apartment renovation.