Greystar Receives $201M Loan to Develop 636-Unit Multifamily Community in San Jose
SAN JOSE, CALIF. — Greystar has received a $201 million loan for the development of The Reserve, a 636-unit multifamily community that will be located at 897 S. Winchester Blvd. in San Jose.
The site previously housed a 216-unit community that was also branded “Reserve.” Demolition of that property began in August.
The Reserve will be situated within walking distance of Santana Row, a 42-acre mixed-use development that houses about 70 shops, 20 restaurants and nine spas and salons. In addition, the community will be adjacent to I-280, which provides access to the base offices of Apple, eBay, Google and Netflix, among others.
Scheduled for completion in 2020, The Reserve will offer a mix of one-, two- and three-bedroom units averaging 869 square feet per unit. The project will also feature more than 8,000 square feet of ground-floor retail space and two levels of underground parking.
Amenities will include a pool, rooftop lounge, fitness center with yoga rooms, clubhouse with private dining rooms, business center, pet spa and electric car charging stations.
Charles Halladay and Jordan Angel of HFF led the debt placement effort. Canadian lender Otéra Capital provided the capital on behalf of Greystar. The South Carolina-based multifamily development and management firm owns and operates about 8,000 units in San Jose and 20,000 throughout the Bay Area, according to local newspaper The Mercury News.
— Taylor Williams