Gortikov Capital has arranged a $150 million bridge loan secured by The Grad, a 260-unit, 1,002-bed Class A student housing tower serving San Jose State University, located in Downtown San Jose, California.
Bryan Gortikov, President of Gortikov Capital, led the capital markets team in securing the floating-rate senior bridge loan on behalf of AMCAL Equities and its Founder and CEO, Percy Vaz.
Developed in 2020 by AMCAL Equities, a leading developer of student, market-rate, and affordable housing for nearly 50 years, The Grad features a market-leading amenity package, including a state-of-the-art 2,600-square-foot exercise center and a resort-style swimming pool and sundeck. Penthouse units feature 11-foot ceilings and share an outdoor terrace with breathtaking views of the campus, city, and mountains.
As the oldest public university on the West Coast, San Jose State University boasts an enrollment of 36,000 students and growing, yet continues to be dramatically underserved by student housing. Beds are available for less than 25% of the 36,000 students, and nearby market-rate apartments are among the most expensive in the country.
Leveraging its expansive network of capital sources and decades of capital markets expertise, Gortikov Capital secured the new floating-rate senior bridge loan from ACORE Capital with favorable terms and limited structure, owing to the unparalleled quality of the asset and AMCAL’s sterling reputation and track record.
“It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad. Despite an increasingly volatile economic climate and tightening credit, I am thrilled we were able to outperform on our assignment for Percy and the AMCAL team,” said Gortikov.
Founded in 2016 by Bryan Gortikov, Gortikov Capital is a boutique commercial real estate mortgage brokerage and investment firm based in Santa Monica, California. The firm has originated over $3.5 billion in transactions, focusing on construction, bridge, and permanent debt and equity brokerage. Through its joint venture and direct investment platform, Gortikov Capital manages more than 1,500 multifamily units across the Western United States.
