Jemcor and Pacific Housing Score $107M in Financing for San Jose Apartments

Bay Area-based Jemcor Development Partners and Pacific Housing have secured $107 million in financing after buying two lots in Downtown San Jose to build 300 affordable apartments.

An affiliate of developers paid $11.7 million for the combined 1.1-acre development sites at 950 and 970 West Julian Street, SiliconValley.com reported, citing public records.

The sellers were Caminar, a substance abuse treatment facility, which sold the parcel at 950 West Julian Street for $7.3 million. The Boy Scouts of America Silicon Valley Monterey Bay Council sold the 970 West Julian Street property for $4.4 million.

The California Municipal Finance Authority provided $107 million in construction financing in connection with the deal, $75 million of which came through tax-exempt bonds.

Plans call for a 300-unit apartment complex geared toward families earning less than 30 percent, 50 percent and 60 percent of area median income.

The eight-story building, designed by KTGY, includes large banks of windows separated by white, gray and charcoal trim, according to a rendering. The apartments would be within walking distance of the San Jose Diridon train station.

The complex in Garden Alameda will include 7,700 square feet of interior leasing and amenity space, parking for 85 cars and storage for 75 bicycles, according to a 2021 application reported by SFYimby.

Three of the 300 units will be for managers. Most of the 297 units will be for low-income households, with 15 reserved for very-low-income households, and 15 for moderate-income households.

The project is expected to be completed by fall of 2026, according to county documents.

In December, Jemcor filed plans to build twin 10-story apartment buildings with 341 units in San Bruno.

In May of last year, Pacific Housing and Jemcor Development Partners secured a $108 million loan to build a 271-unit, seven story affordable apartment complex at 1007 Blossom Hill Road, in south San Jose.

— Dana Bartholomew