Otera Capital grants a US $201 million financing for the development of a luxury multi-housing complex located in San Jose, California.
Holliday Fenoglio Fowler, L.P. (HFF) announces the US $201 million financing for the development of The Reserve, a 636-unit luxury multi-housing community in San Jose, California.
The HFF team worked on behalf of Greystar to secure the construction loan through Otera Capital.
The Reserve is located at 897 S. Winchester Boulevard in San Jose within walking distance to Santana Row, Silicon Valley’s premier mixed-use dining, entertainment and retail destination. Additionally, the project is adjacent to Interstate 280, which provides access to the nearby world headquarters of Apple, eBay, Google, Netflix and other major employers. Due for completion in 2020, The Reserve will include a mix of one and two -bedroom units and two-bedroom loft-style units averaging 869 square feet as well as more than 8,000 square feet of street-level retail. The two four- and five-story, podium-style buildings will be situated above two levels of subterranean parking, and will feature amenities, including a swimming pool, rooftop lounge, barbecue area, fitness center with yoga rooms, clubhouse with four private dining rooms, business center, pet spa and dog run. The property will seek LEED Green certification and will include environmentally conscious finishes, including electric car charging stations.
HFF’s debt placement team included senior managing director Charles Halladay and senior director Jordan Angel.
“Otera Capital is a great fit as a capital partner for Greystar’s development, which will deliver some of the most well-appointed new units in the San Jose submarket,” Angel said.