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Urban Catalyst Lands $10.5 Mil in Financing for San Jose Mixed-Use Development

3/27/24

Urban Catalyst has obtained $10.5 mil in financing to recapitalize the land site and pre-construction costs for Icon/Echo, a mixed-use redevelopment project the company has planned for Downtown San Jose. The approximately 2.1-acre land site is slated for the construction of two new towers after demolition of existing buildings and a parking lot is complete.

Current plans call for a 21-story tower for office uses with street-level retail, and a 27-story multifamily residential tower, with both connected by a shared podium on floors 1-4. The project will also feature one below-grade level of parking with approximately 1000 parking spaces, as currently proposed. Construction activity at the site is slated to begin over the next 12-24 months.

Jeff Wilcox and Robert Slatt with Gantry arranged the short-term bridge loan. It was secured through a private real estate investment company and features interest-only terms.

According to Wilcox, Urban Catalyst requested financing to recapitalize the projectís land acquisition and entitlement costs while providing additional proceeds to support final technical programming and site preparation. With funding now in place, development is expected to commence during the next 12-24 months as construction budgets and design plans are finalized.




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