Pacific Housing and Jemcor Development Partners have secured a $108 million loan to build 271 affordable apartments in South San Jose.
The Sacramento-based Pacific Housing and the San Mateo-based Jemcor obtained the financing to construct the seven-story complex at 1007 Blossom Hill Road, the San Jose Mercury News reported, citing public records.
The joint venture, through its View at Blossom Hill affiliate, obtained $90 million in construction financing from the California Municipal Finance Authority.
They landed another $18 million in funding from Deutsche Bank in New York.
The gray-and-white complex known as The View at Blossom Hill Apartments will be built on 1.9 acres about a block from the Westfield Oakridge shopping mall. It will replace a former Fish Market seafood restaurant.
Plans call for an all-affordable complex of 271 apartments.
The project, designed by BDE Architecture of San Francisco, will include a computer lab, a fitness center, a dining terrace, indoor and outdoor lounges and a play structure.
The complex also features a gathering area called The Social, which will include lounge seating and accommodations for a movie night, city documents show.
San Jose officials have approved the development, but some permits related to demolition and construction are pending.
Construction is expected to begin soon and be completed by the summer of 2025, according to Mark Wiese, president of Pacific Housing.
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