Gantry secured $10.5 million in financing to recapitalize the land site and pre-construction costs for the Icon/Echo, a mixed-use redevelopment project planned for Downtown San Jose. The approximately 2.1-acre land site is slated for the construction of two new towers after demolition of existing buildings and a parking lot is completed.

Principals Jeff Wilcox and Robert Slatt with Gantry’s San Francisco production office represented the borrow, Urban Catalyst. The short-term bridge loan was secured through a private real estate investment company, and features interest-only terms.

Wilcox said, “For this project, Urban Catalyst requested financing to recapitalize the project’s land acquisition and entitlement costs while providing additional proceeds to support final technical programming and site preparation. With funding now in place, we expect to see development commence during the next 12-24 months as construction budgets and design plans are finalized.”

Current plans call for a 21-story tower for office uses with street-level retail, and a 27-story multifamily residential tower, with both connected by a shared podium on floors 1-4. The project as currently proposed will also feature one-below-grade level of parking and offer approximately 1,000 parking spaces.