SAN JOSE — A big San Jose apartment project that could sprout in downtown San Jose has landed interim funding while the site’s developer scouts for financing to construct the residences.
Aquino, a 272-unit apartment complex in downtown San Jose, is being developed by Urban Catalyst, a real estate firm that’s active in the Bay Area’s largest city.
The apartment project would be built at the corner of West San Carlos Street and Josefa Street in downtown San Jose.
The latest funding for the development totals $6.1 million, according to documents filed on April 2 at the Santa Clara County Recorder’s Office.
Logan Clark III IRA, with Inspira Financial Trust LLC acting as a custodian, provided the financing, the county real estate records show.
With this interim funding in hand, Urban Catalyst hopes to reach another key milestone for the project sometime in the July-through-September period of this year.
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“We will have building permits by Q3 (the third quarter,” Erik Hayden, founder and managing partner of Urban Catalyst, said in comments that he texted to this news organization.
Aquino @ Downtown West is the new name for the project, which has an address of 498 West San Carlos Street.
The eight-story apartment building is located near the southern footprint of a proposed – but stalled – mixed-use neighborhood called Downtown West that search giant Google is planning near the Diridon train station and the SAP Center.
Urban Catalyst, acting through an affiliate, bought several parcels in 2021 that will provide the land for the future apartment complex. The affiliate paid $10.2 million for the parcels, county documents show.
The apartment project is expected to include a mix of studios and one-, two- and three-bedroom units, according to a post on the Urban Catalyst website.
Urban Catalyst is also pushing forward with attempts to secure crucial construction financing for the development.
The developer hopes to secure the construction loan by the end of 2024.
“We are working to start it this year,” Hayden said.