AMCAL Scores $150M Bridge Loan for SJSU Student Housing

Gortikov Capital 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. A capital markets team led by Bryan Gortikov secured the new floating-rate senior bridge loan from ACORE Capital with favorable terms and limited structure on behalf of AMCAL Equities and its founder and CEO, Percy Vaz. 

“It is a rare pleasure to work with a partner of AMCAL’s caliber and on an asset as uniquely impressive as The Grad,” said Gortikov. “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.”

Developed in 2020 by AMCAL Equities, The Grad sits just 400 feet from the SJSU campus in a market that continues to be 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.