Berkadia announced today the closing of a $63.78 million construction loan for Vespaio at Diridon Station, a mixed-use property being built in San Jose, California. Managing Director Lou Weisman of the Seattle office secured the financing through a national debt fund on behalf The Hudson Companies.
The property, to be located at 138 Stockton Ave., will be comprised of 162 Class-A multifamily rental units and over 39,000 square feet of commercial space and parking. Completion of the project is scheduled for late 2019. The project is centrally located within the San Jose redevelopment area that is to be home to Google’s upcoming 6 to 8 million square foot campus development. Google has announced that their project will have between 15,000 to 20,000 employees when fully built out.
The four-year floating-rate, interest-only construction loan features a 65 percent loan-to-cost ratio.
“Vespaio will deliver much-needed multifamily inventory to this rapidly expanding neighborhood in San Jose,” Weisman said. “The property is strategically located near the SAP Center and Diridon Station, which will become the Southern terminus for the BART expansion currently underway and the intermodal transit hub serving the greater Silicon Valley.”