#construction-financing

#construction-financing

Plans are underway to convert 40 Exchange Place, a 20-story office building at the corner of Exchange Place and William Street in the Financial District, into 382 rental apartments. The development will include a mix of market-rate and affordable units, along with ground-floor retail space and amenities for residents. According to a Newmark press release, Derby Lane has provided $191.5 million in construction financing, arranged by Newmark, to support GFP Real Estate's office-to-residential conversion at 40 Exchange Place.

The office tower, backed by Related Companies and Oxford Properties, is largely leased, with Deloitte pre-leasing most floors. The building is planned as an all-electric, zero-carbon workplace, with move-ins scheduled for late 2028. Photographers were on hand for the crane's arrival and assembly, and New York YIMBY reports that foundation work has advanced steadily since mid‑December, with crews expecting the structure to reach street level this spring.

An apartment project, slated to rise at the corner of West San Carlos Street and Josefa Street in downtown San Jose, has obtained a construction loan totaling $112.5 million, according to documents filed on Aug. 26 at the Santa Clara County Recorder's Office. Aquino, as the 278-unit apartment hub is known, is being developed by an affiliate of San Jose-based real estate firm Urban Catalyst. It is set to break ground on Sept. 3.

The proposed residential complex will include 196 units, with 29 designated as affordable housing, strategically located near multiple major tech hubs in Silicon Valley.