SAN JOSE, CA-A joint venture of Spring Capital Group from Eugene, OR and locally based KT Properties has landed $128.5 million in construction financing from Fremont Investment & Loan for the 22-story, 329-unit Axis condominium project. The venture will build the new condo tower in Downtown San Jose behind the historic Hotel DeAnza, within walking distance of HP Pavilion and San Pedro Square.
The developers broke ground on the project recently and expect to complete it in August 2007, according to Lesley Love, VP and regional manager of Brea-based Fremont Investment & Loan, which originated the financing from its Irvine office. Love says that Fremont views the project's location as "attractive to the professional population of San Jose," where Axis is the second high-rise condo to break ground recently.
The units at the Axis will average about 1,100 sf and will include floor plans from one to three bedrooms as well as townhouses and lofts. The unit mix will be 146 one-bedrooms, 145 twos, 13 threes, eight townhouses and 18 lofts.
Designed by Portland, OR-based Ankrom Moisan, the development will feature outdoor deck areas and a variety of other amenities, according to the architect. It will include two levels of underground parking and three above grade parking levels, with common amenity areas at ground level and at the fourth floor pool plaza deck.
The loan is Fremont's fourth to Spring Capital, which has a variety of projects under way in western US locales, including locations as diverse as Hawaii and the Inland Empire of Southern California.
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