Bay Area Community Lands $235M Refi

The Woods

The Woods of San Jose LLC has received a $235 million Freddie Mac loan for The Woods, a 1,841-unit garden-style community in San Jose, Calif. Managing Director Andy Ahlers of Berkadia secured the permanent financing on behalf of the borrower and the deal closed on June 6. According to Yardi Matrix data, the asset was previously subject to a $155.4 million loan in 2017, as part of a portfolio transaction.

The two- and three-story building community occupies 75.6 acres, with the unit mix consisting of studio, one-, two- and three-bedroom apartments, with an average size of 846 square feet. Common-area amenities include a fitness center, a clubhouse, six swimming pools, five spas, six laundry facilities, a playground and a basketball court.

Located at 4300 The Woods Drive, the property is approximately 6.5 miles from downtown San Jose and roughly 55 miles from San Francisco. The community has access to the Los Lagos Golf Course, less than 3 miles away and several other parks in the area. Dining and retail options are available nearby, along Monterey Road and East Capital Expressway.

According to a recent Yardi Matrix report, San Jose has seen a rebound in rent growth through the second half of 2021, following a tricky spell during the start of the pandemic. As to multifamily development, 8,288 units were underway going into 2022.