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November 17, 2019
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FINANCING NEWS
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Downtown San Jose Res Development Funded with $67 Mil in Joint Venture Equity and Construction Financing

8/14/19

Acquity Realty Inc has landed $67 mil in joint venture equity and construction financing for development of The Firestone, a mixed-use development in downtown San Jose. The financing was arranged by NorthMarq Capital.

The Firestone project is situated near the corner of South Market and Balbach streets in the city’s SoFA district. The six-story, mixed-use development will offer 130 apartments with a shared rooftop terrace and 6.7k sf of ground floor retail that will feature a restaurant/bar.

Adobe’s expanding headquarters are located within a few blocks of the property, as is Google’s to-be-developed headquarters at the Diridon CalTrain Station. The hip SoFA District features a mix of theaters, restaurants, arts groups, media businesses, and architecture firms. The Firestone will have convenient access to Interstate 280, the Convention Center VTA light rail station, and CalTrain’s Diridon Station.

NorthMarq’s Nathan Prouty, Andrew Slaton and Briana Harney worked closely with the project developer, Acquity, led by Dennis Randall and John Pringle, to arrange a joint venture partnership and senior debt. PCCP provided a construction loan with the remainder of the capital coming in the form of joint-venture equity from Cigna Investment Management and Acquity.




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