"A developer has switched gears on a proposed residential development with hundreds of units in San Jose and will build market-rate apartments rather than homes for seniors. The proposed eight-story project would sprout at 313 Gifford Ave., according to documents on file with city planners. The development is expected to produce 277 apartments, which will all be offered at market rates, according to Erik Hayden, founder and managing partner with project developer Urban Catalyst."
"The type of housing that is viable for getting financing is primarily market-rate multifamily apartments, Hayden said. It's tougher for developers to obtain financing for senior housing, student housing, and affordable housing, he said. It would be better for the community and our investors to build something sooner rather than later, Hayden said."
"Urban Catalyst has been finding success in its downtown development efforts recently. In August, an affiliate obtained a $112.5 million construction loan to finance a 278-unit apartment complex at the corner of West San Carlos Street and Josefa Street. During the spring, Urban Catalyst completed and opened a 176-room, eight-story Marriott TownePlace Suites hotel at 495 West San Carlos St."
Urban Catalyst plans an eight-story, 277-unit residential building at 313 Gifford Avenue in downtown San Jose, with all units offered at market rates. The developer switched the project from senior housing to market-rate multifamily apartments to improve financing prospects. Urban Catalyst recently secured a $112.5 million construction loan for a 278-unit complex at West San Carlos and Josefa and completed a 176-room Marriott TownePlace Suites at 495 West San Carlos. Erik Hayden, founder and managing partner of Urban Catalyst, said financing is primarily available for market-rate multifamily projects and that senior, student, and affordable housing face greater financing challenges.
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