SAN JOSE — An apartment project, slated to rise at the corner of West San Carlos Street and Josefa Street in downtown San Jose, has obtained a construction loan totaling $112.5 million, according to documents filed on Aug. 26 at the Santa Clara County Recorder’s Office.
Aquino, as the 278-unit apartment hub is known, is being developed by an affiliate of San Jose-based real estate firm Urban Catalyst. It is set to break ground on Sept. 3.
Swenson, a real estate and development firm, is the general contractor for the construction work.
The project’s total cost is expected to be $135 million, including the construction financing, said Erik Hayden, founder and managing partner with Urban Catalyst.
“Interest rates are still high, but the construction financing market is starting to come ba