Jemcor Development & Pacific Housing Secure $107M Construction Loan For Downtown San Jose Apartments

The development site located at 950 & 970 West Julian Street in San Jose spans 1.1 acres. Jemcor Development Partners and Pacific Housing acquired the property for $11.7 million to construct 300 affordable apartments catered towards families with incomes below 60% of the area median. The $107 million financing for this project was facilitated through a Construction Loan from the California Municipal Finance Authority. The apartments are set to be completed by fall 2026 and are designed by KTGY.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $107,000,000
• Address: 950 & 970 West Julian Street
• Market: San Jose
• Lender: California Municipal Finance Authority
• Landlord: Jonathan Emami - Jemcor Development Partners; Mark Wiese - Pacific Housing
• Loan Type: Construction Loan

Mark Wiese of Pacific Housing and Jonathan Emami of Jemcor Development Partners were the key figures in securing the financing for the development project. They are responsible for overseeing the construction of the 300 affordable apartments in Downtown San Jose, aimed at providing housing for families with limited incomes. The project is a joint effort between the two entities to address the growing need for affordable housing in the area.