Trumark secures $400M in financing for 32 townhomes in San Jose

Project would join 345 apartments proposed by Hanover Company

Trumark Homes' Gregg Nelson and Michael Maples with a rendering of Townhomes at 905 North Capitol Avenue in San Jose
Trumark Homes' Gregg Nelson and Michael Maples with a rendering of Townhomes at 905 North Capitol Avenue in San Jose (KTGY Architecture + Planning, Trumark Homes)

Trumark Homes has secured a $400 million loan to build 32 townhomes in northeast San Jose.

The San Ramon-based developer landed the line of credit from Wells Fargo Bank for the townhome segment of a larger development at 905 North Capitol Avenue, the San Jose Mercury News reported.

The project at North Capitol and Penitencia Creek Road includes 345 apartments to be built by Houston-based Hanover Company, not included in the financing. 

The apartment segment, not yet funded, hasn’t broken ground, Erik Schoennauer, a land-use expert providing consulting services to the project, told the Mercury News.

Trumark will be able to tap up to $400 million from a line of credit that the San Francisco-based Wells Fargo provided, according to the property records. 

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The three-story townhomes, designed by Chicago-based KTGY Architecture + Planning, would be clad in white, with gray and black accents. A construction timeline isn’t known.

A year ago, the developer won a long tug-of-war with the City of Dublin over a plan to build 573 houses in the east Dublin hills.  In May 2022, the city approved the plan two months after it had quashed the development, after its legal experts cited a state law to push it through.

A month earlier, Trumark bought 30 acres approved for nearly 450 homes in East Livermore for $75 million.

Trumark Homes is a division of Trumark Companies, founded in 1988 by Gregg Nelson and Michael Maples. The firm has entitled more than 5,000 residential lots, with more than $1.5 billion in real estate investments, according to its website.

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