Gortikov Capital, led by Bryan Gortikov, successfully secured a $150 million bridge loan for The Grad – a 260-unit, 1,002-bed Class A student housing tower located near San Jose State University. This floating-rate senior bridge loan was obtained from ACORE Capital with favorable terms and minimal structure on behalf of AMCAL Equities and its CEO Percy Vaz.
According to Gortikov, it was an exceptional experience collaborating with AMCAL as their partner and working on such an impressive asset like The Grad. Despite the current volatile economic climate and tightening credit conditions, they were able to exceed expectations in fulfilling their assignment for Percy Vaz and the entire AMCAL team.
The Grad was developed in 2020 by AMCAL Equities just steps away from SJSU campus. It is situated in a market that has been historically underserved when it comes to student housing options. Currently only about one-fourth of the university’s 36,000 students have access to beds while nearby market-rate apartments are among some of the most expensive in the nation.
