Newmark secures $284 million loan for Silicon Valley development
A joint venture between West Bay Development and Real Estate Group Forum secured a $284 million construction loan for The Maxwell development in San Jose, California. Newmark secured the funding through one of Australia’s largest pension funds. The 590-unit project is expected to begin construction this month, with completion expected in the third quarter of 2024.
Located as part of the South Bascom Urban Village Plan and approved through the City of San Jose’s flagship project process, the development will form part of the South Bascom Gateway Station mixed-use development project, which also includes a adjacent office building.
Developed on 4.5 acres, The Maxwell will rise eight stories and feature a mix of studio, one-, two-, and three-bedroom floor plans, averaging 795 square feet, according to public records. . Unit interiors are expected to be outfitted with luxury finishes and amenities, with Studio WRNS act as project architect.
A transit-oriented development
Located at 1410 S. Bascom Ave near the VTA Light Rail Bascom station, The Maxwell will be less than a mile from the Hamilton Mall and a Whole Foods Market store. The transit-oriented community will provide direct access to employment hubs in downtown San Jose and downtown Campbell.
According to Yardi Matrix, the San Jose market is steadily rebounding after being hit by pandemic-induced emigration trends. In January, the occupancy rate of stabilized multi-family properties rose 2.8% year over year through January. Projects planned and under construction in the area are expected to add more than 4,450 units to the metro’s existing inventory over the next few years, the same data provider said.