Pacific Housing and Jemcor Development Partners have secured a $108 million loan to build 271 affordable housing units in South San Jose.
Sacramento-based Pacific Housing and San Mateo-based Jemcor secured financing to build a seven-story complex at 1007 Blossom Hill Road, The San Jose Mercury News reportsciting public records.
The joint venture, through its View at Blossom Hill affiliate, received $90 million in construction financing from the California Municipal Authority of Finance.
They received another $18 million in funding from Deutsche Bank in New York.
The off-white complex, called The View at Blossom Hill Apartments, will be built on 1.9 acres about a block from the Westfield Oakridge shopping center. It will replace the former Fish Market Seafood Restaurant.
Plans call for an affordable complex of 271 apartments.
Designed by San Francisco-based BDE Architecture, the project will include a computer lab, a fitness center, a dining terrace, indoor and outdoor lounges, and a play structure.
The complex also features a gathering area called The Social, which will include lounge seating and accommodations for movie nights, city documents show.
San Jose officials have approved the development, but several permits related to demolition and construction are pending.
Pacific Housing president Mark Wiese said construction is expected to begin soon and be completed by summer 2025.
