Jamboree Housing Secures $32M Loan For San Jose Hotel Conversion

Jamboree Housing has obtained $32 million in public funds to transform a San Jose hotel into 43 affordable homes for former foster youth and young homeless adults. The project, backed by $17 million from the city and county and $15 million from the state's Homekey program, aims to open next summer with a per-unit cost of $744,000, undercutting San Jose's usual $938,000 per-unit price for affordable housing.

Summary of transaction details

• Property Type: Hotel
• Transaction Amount: $32,000,000
• Address: 1280 North 4th Street - Pavillion Inn
• Market: San Jose
• Asset Type: Hotel
• Keys: 62
• Landlord: Jamboree Housing - Laura Archuleta

This project involves the transformation of a San Jose hotel into 43 affordable homes for former foster youth and young homeless adults. Jamboree Housing secured $32 million in public funds for the project, with $17 million coming from the city and county and $15 million from the state's Homekey program. The per-unit cost for the new homes is estimated to be $744,000, which is lower than the typical price of affordable housing units in San Jose at $938,000 per unit.