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Sign in Sign up for a FREE subscriptionAMCAL Equities, Star America receive $150m for student-housing asset from CIM Group
CIM Group has closed a $150 million loan to AMCAL Equities and Star America to refinance The Grad, a student-housing development one block from San Jose State University in downtown San Jose, Calif.
Located at 88 E. San Carlos St., the 19-story property comprises 260 units (1,039 beds), 14,889 square feet of ground-floor retail, and a parking structure with 263 spaces on 1.1 acres. Fully furnished residences offer modern studio, two-, three-, and four-bedroom floor plans overlooking San Jose State. The Grad residents have access to state-of-the-art amenities, including study rooms, computer lab, fitness center, swimming pool with sun deck, and bicycle storage.
The property is serviced by numerous public-transit systems, such as Caltrain, BART, and the VTA Light Rail, and is located a few miles from Mineta San Jose International Airport. The financing was arranged by Bryan Gortikov of Gortikov Capital.