Trumark Homes has secured a $400 million loan to build 32 townhouses in northeast San Jose.
The San Ramon-based developer secured a line of credit from Wells Fargo for the townhouse portion of the massive development at 905 North Capitol Avenue, San Jose Mercury News report.
The North Capitol and Penitencia Creek Road project includes 345 apartments that will be built by Houston-based Hanover Company and are not included in the financing.
Erik Schoennauer, a land-use expert who is advising on the project, told Mercury News that the apartment portion has yet to be funded and ground has not yet been broken.
Trumark will have access to up to $400 million in a line of credit from San Francisco-based Wells Fargo, according to property records.
The three-story townhouse, designed by Chicago-based KTGY Architecture + Planning, will be finished in white, gray and black. The construction timetable is unknown.
A year ago, the developer won a plan to build 573 houses in Dublin’s east hills in a long-running tug-of-war with the city of Dublin. In May 2022, the city approved the plan two months after its legal experts halted development citing state law Push it through.
A month earlier, Trumark bought 30 acres of land approved for nearly 450 homes in East Livermore for $75 million.
Trumark Homes, a division of Trumark Companies, was founded in 1988 by Gregg Nelson and Michael Maples. The company has licensed more than 5,000 residential lots and has invested more than $1.5 billion in real estate, According to its website.
