Genesis Capital Grand Slam: Genesis Commercial Capital, led by David Kim, is embarking on a substantial housing development project in north San Jose. The developer has filed preliminary plans for an 804-unit complex at 7 Topgolf Drive in the Alviso District. The proposal is set to utilize the state’s builder’s remedy provision, streamlining approvals for projects with affordable housing in cities that haven’t certified their state housing plans, a category San Jose falls into.
This initiative comes on the heels of the property’s acquisition by Pine Tree Investment & Management, a South Korea-based entity affiliated with KEB Hana Bank. Pine Tree purchased the lot in a foreclosure proceeding for $27.6 million. The previous owner, Mirae Asset Global Investments, defaulted on a loan from KEB Hana Bank in October of the previous year.
The proposed 804-unit complex is slated to encompass eight apartment buildings spread across 3.2 acres in the Alviso District. This move follows the stalling of a hotel project that gained approval in 2019 when Mirae Asset Global Investments owned the property. The hotel project, associated with Shilla Stay, an affiliate of Samsung Group, was envisioned to feature a 15,400-square-foot retail building.
The site, north of Highway 237 and the Guadalupe River, is adjacent to the popular Topgolf San Jose driving range, known for its high-tech entertainment, sports, and dining attractions. The area has seen recent changes in development plans, with Terra Ventures revising its proposal for the vicinity. Instead of the initially planned restaurants, shops, and two hotels near the Topgolf range, Terra Ventures has now filed plans for a three-story power building and a two-story data center at Topgolf Drive and North First Street.
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Our Reader’s Queries
Who is the owner of Genesis Capital?
Genesis Capital’s Founder and Managing Partner is none other than Jonathan. His leadership has been instrumental in the success of the company.
What are the rates for Genesis Capital?
With loan amounts reaching up to $10,000,000 and a maximum LTV of 90%, our lending services offer competitive rates ranging from 7% to 12%. We provide loans for a variety of property types, including single and multi-family residences, apartment buildings, office and retail spaces, mixed-use spaces, and industrial buildings. Our lending options are flexible and tailored to meet your specific needs.