Beach Point Capital Supplies $113M Construction Loan for San Jose Apartments

Urban Catalyst has landed $112.5 million of construction financing to build a multifamily asset in San Jose, Calif., Commercial Observer has learned.

Beach Point Capital closed the loan for the developer’s 278-unit Aquino San Jose project in Downtown San Jose. The project, which broke ground in early September, is one of the first to proceed under San Jose’s new Multifamily Housing Incentive Program, which was approved by the City Council last December and is aimed at creating more multifamily production, according to Urban Catalyst. 

“With rent growth at historic highs and no new market-rate multifamily developments in Downtown San Jose in the past two years, delivering high-quality housing is both challenging and essential,” Erik Hayden, founder of Urban Catalyst, said in a statement. 

Located at 486 West San Carlos Street near the junction of Interstate 280 and State Route 87, the eight-story building is within walking distance of the headquarters for Zoom and Adobe. Community amenities for the BDE Architecture– designed building include a fitness center, coworking space, a dog walk area, a yoga room, a sauna and a communal kitchen.

Beach Point Capital declined to comment.

Andrew Coen can be reached at acoen@commercialobserver.com