JLL Capital Markets announced that it has arranged a $28.128 million construction financing for 40 Main Street, a fully-entitled 15-unit luxury condominium development located in downtown Los Altos, California.
JLL represented the borrower, 40 Main Street Offices, in securing the two-year, floating-rate loan through Genesis Capital.
40 Main Street, strategically positioned along the highly desirable retail district of State and Main St. in downtown Los Altos, offers a rare development opportunity in one of Silicon Valley’s most affluent communities. The project will also feature 3,193 square feet of ground-floor commercial space.
Los Altos continues to be one of the most sought-after residential markets in the Bay Area, with a median home price of $4.2 million and a median household income of $250,000. The property’s prime location provides residents with walkable access to Los Altos’ finest restaurants, cafes and boutique shops, while offering convenient proximity to major Silicon Valley employers.
The development will feature luxury finishes throughout, with 24 dedicated underground garage parking spaces served by a puzzle automated parking lift. Base Builders, a nationally recognized Silicon Valley-based general contractor, will construct the property.
JLL Capital Markets’ Debt Advisory team representing the borrower was led by Senior Managing Director Chris Gandy and Director Ethan Habecker.
“40 Main Street presented a compelling opportunity in the Los Altos market, where new luxury condominium developments are extremely rare,” said Gandy. “The project’s prime downtown location, coupled with the strength of the sponsor and robust market fundamentals, make this an attractive investment in today’s market.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
