Pacific West Communities Obtains $125.6M Construction Loan For 173 Affordable Apartments In San Jose

Development Site located at 4300 Stevens Creek Boulevard in San Jose, spanning 9 acres, will be the site for 173 affordable apartments as part of the Stevens Creek Promenade project. The construction loan secured amounts to $125,600,000 from Citibank and Bonneville Multifamily Capital, facilitating the groundbreaking for this project.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $125,600,000
• Asset Type: Development Site
• Address: 4300 Stevens Creek Boulevard
• Market: San Jose
• Lender: Citibank & Bonneville Multifamily Capital
• Landlord: Zack Deboi - Pacific West Communities
• Loan Type: Construction Loan

Pacific West Builders, under the leadership of Zack Deboi, will spearhead the development of the 173 affordable apartments in west San Jose. The project, part of San Jose's Urban Village initiative, is set to be completed by 2026, aiming to provide much-needed housing in the area.