The Core Companies And Republic Urban Properties Secure $139M Construction Loan For Affordable Apartments In Downtown San Jose

The Core Companies and Republic Urban Properties have obtained $139 million in public financing from Citibank for the development of a 6.7-acre site located at 1197 Lick Avenue in Downtown San Jose. The project aims to build 135 affordable apartments near Tamien Station, with the first phase dedicated to affordable units and a childcare center.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $139,000,000
• Address: 1197 Lick Avenue, San Jose
• Market: San Jose
• Asset Type: Development Site
• Acres: 6.7

Citibank, acting as the lender, has provided a construction loan for the project. The Core Companies, represented by David Neale, and Republic Urban Properties, represented by Michael Van Every, are the landlords overseeing the development. The financing agreement allows for the construction of 135 affordable apartments, catering to the increasing demand for affordable housing in Downtown San Jose. The location near Tamien Station offers convenient access to transportation for future residents.