"The development has landed two construction loans, according to documents filed on Nov. 7 with the Santa Clara County Recorder's Office. JPMorgan Chase provided the project with $53.3 million in construction financing, while Santa Clara County provided $28.9 million in construction loans, separate real estate documents show. Resources for Community Development, a Berkeley-based affordable housing firm, is developing the project through an affiliate, county records show."
"The project will have 26 studio units, 28 one-bedroom units, 25 two-bedroom units, and 20 three-bedroom units, Resources for Community Development states on its website. Marketing for the project is slated to begin in March 2027. The development is slated to be completed in August 2028, and occupancy should begin in that same month. It wasn't immediately clear when construction would begin, but the availability of construction funds likely makes a building start to occur sooner rather than later."
Lupina is a proposed affordable housing development at 797 S. Almaden Ave. near downtown San Jose and a light rail stop. The project would produce 99 units including 26 studios, 28 one-bedrooms, 25 two-bedrooms, and 20 three-bedrooms. The total project cost is $98.6 million including financing and land acquisition. Construction financing includes $53.3 million from JPMorgan Chase and $28.9 million from Santa Clara County. Resources for Community Development is developing the project through an affiliate. The ground floor will include about 2,300 square feet of community-serving commercial space and 3,300 square feet of open space. Units will be set aside for households earning 30%–60% of area median income. Marketing is slated for March 2027 with completion and occupancy expected in August 2028.
Read at www.mercurynews.com
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