San Jose, CA
Multifamily - Development
ACRES Capital (“ACRES”) is pleased to announce the funding of a loan which will be used to complete a 96-unit residential condominium community in the Willow Glen neighborhood of San Jose, CA. The Property will be 5 stories tall with a total of 96,324 net saleable square feet consisting of 17 one-bedroom/one-bathroom units, 71 two-bedroom/two-bathroom units, and 8 three-bedroom/two-bathroom units. Amenities will include a parking garage, pool, fitness room, clubhouse, two outdoor courts with fire pits, onsite playground, community room with kitchen, indoor bicycle parking, and mailroom with automated storage lockers. The project is expected to benefit from its prime location in San Jose, the third largest city in California, commonly referred to as the capital of Silicon Valley and home to more than 6,000 technology companies.
Mark Fogel, President & CEO of ACRES commented, “We are thrilled to partner with the developer, once again, to offer a superior product in a supply constrained residential market as evidenced by double digit increases in home values annually since 2015. We believe the project will be attractive to both first-time homebuyers and those looking to downsize from larger, single family residences.”