The South Bay – specifically San Jose – is on the edge of another, signature addition to its skyline, (Rather famously, there were once restrictions around the height of new structures in San Jose, but let’s continue … .)
From a detailed news release:
Newmark, as exclusive advisor to Bay West Development and Forum Real Estate Group, announces it has secured financing for the development of The Maxwell, a 590-unit multifamily project situated on a 4.5-acre parcel in San Jose, California. Construction on the project will commence before the end of March and the first phase of units is anticipated to be delivered by the third quarter of 2024.
The Maxwell has been designed with best-in-class amenities and unit interiors that cater to the Silicon Valley tenant base. This focus on satisfying tenant needs has been the hallmark of Bay West and Forum multifamily developments resulting in best-in-market tenant retention levels. Additionally, the project is located directly adjacent to the VTA Light Rail Bascom Station. That means proximity to downtown SJ, as well as swift access to Campbell.
Vice Chairman Ramsey Daya, Senior Managing Director Chris Moritz and Director Travis Bailey of Newmark’s Debt & Structured Finance team helped arrange the financing on behalf of the owner. The first mortgage loan was placed with one of Australia’s largest pension funds.