San Jose, CA
BOLOUR has provided acquisition financing for the first phase of a two-phase acquisition assemblage located within a premier Opportunity Zone in San Jose’s Little Portugal neighborhood – a high-density submarket with a median resident age of 30 and a 27 percent population growth rate since 2000. The $4.2 million loan is secured by a 40,000-square-foot land parcel being entitled for a mixed-use development spanning 123 Class A apartments and 14,000 square feet of ground-floor retail. BOLOUR provided a 12-month loan at 60 percent of the land site purchase price. The loan gives the sponsor time to entitle the site and obtain construction debt and Opportunity Zone capital to fund construction.