San Jose Luxury Development Lands $201M
- Oct 18, 2017
HFF arranged $201 million in financing for the development of The Reserve, a 636-unit luxury apartment community in San Jose. HFF’s Senior Managing Director Charles Halladay and Senior Director Jordan Angel represented Greystar, the project sponsor, to secure the construction loan through Otéra Capital. The project is slated for completion by 2020.
“Otéra Capital is a great fit as a capital partner for Greystar’s development, which will deliver some of the most well-appointed new units in the San Jose submarket,” said Angel, in prepared remarks.
Situated at 897 S. Winchester Blvd., the project is within walking distance of Santana Row, the dining, entertainment and retail destination of Silicon Valley. Also, the asset is adjacent to Interstate 280, which provides access to nearby world headquarters like Apple, eBay, Google and Netflix. Silicon Valley is regarded as the largest tech hub and one of the most prominent locations for startups, making it one of the top 10 markets with the largest recent rent growth.
The Reserve will feature a mix of one-, two- and two-bedroom loft-style units averaging 869 square feet as well as more than 8,000 square feet of street-level retail. The podium-style buildings will be two four- and five-story developments, situated above two levels of subterranean parking. The high-end asset will seek LEED Green certification and feature environmentally-conscious finishes, including electric car charging stations.
Community amenities include:
- swimming pool
- rooftop lounge
- barbecue area
- fitness center
- yoga rooms
- clubhouse with private dining rooms
- business center
- pet spa and dog run
Image courtesy of HFF