BOLOUR Loan Paves Way for Major Opportunity Zone Development
San Jose, CA
A new $8.8 million BOLOUR land acquisition loan has helped fund the completion of a four-parcel land assembly that stretches from E. St. John to E. Santa Clara streets in downtown San Jose, California. The 12-month loan provides the borrower time to complete entitlements and permitting for a major new Class A, mixed-use development that will include approximately 300 residential units, 420,000 square feet of office and 4,800 square feet of retail.
Located within a downtown San Jose Opportunity Zone, the land parcel sits at the heart of a transitioning market that is the focus of considerable investment and tenancy – from multifamily, retail and restaurant to major office users such as Google. The area’s unprecedented growth is being supported by a rejuvenation of the local parks systems and the continued development of the downtown public transportation network.