Construction financing has been secured alongside a property deal for a seven-story apartment complex at 1271-1279 East Julian Street close to the future Little Portugal BART Station in San Jose, Santa Clara County. The development is now poised to add over three hundred units of affordable housing. Corporation for Better Housing and JSL Real Estate are jointly responsible for the project as the new property owners.
According to reporting by George Avalos for the Bay Area News Group, the development team purchased two parcels spanning the one-acre site earlier this week for $8.15 million. The team has also secured $138.6 million in construction financing, mainly from Banc of California.
1279 East Julian Street, image by Google Street View
Once complete, the project is expected to have 305 apartments across the 85-foot tall structure, including 303 affordable studios and two on-site manager’s units. Y & M Architects is responsible for the design.
Construction is expected to last around seventeen months from the groundbreaking to completion.
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