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September 22, 2023
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Westbank, Urban Community, Peterson and OPTrust Raising $1.5 Bil for Largescale, Net-Zero Initiative in San Jose


A venture comprised of Westbank, Urban Community, Peterson and OPTrust is looking to raise a capital stack of up to $1.5 bil for a largescale, net-zero initiative in San José. The partnership has enlisted a Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Dave Karson, Steve Kohn, Chris Moyer, Alex Lapidus, and Meredith Donovan to lead the capital raise effort for the initiative.

The Silicon Valley initiative comprises seven projects across downtown San José, forming an overall campus vision to bring together the ingredients of community—housing, workspace, retail, public space, amenities and nature—into the center of Silicon Valley. The net zero initiative will create 1,000 rental homes and over 4 msf of workspace in downtown San José in the coming years.

Park Habitat
Park Habitat
The first projects to start construction include: Park Habitat, a 1.3 msf workspace building designed by architect Kengo Kuma; the Bank of Italy, a 130k sf, historic landmark being transformed into a mixed-use workspace by architect Bjarke Ingels; and The Orchard Residential, a 500k sf, 540-unit rental residential tower designed by architect James KM Cheng.

Bank of Italy
Bank of Italy
“We are raising capital for projects valued at over a billion-and-a-half dollars, which will likely be through a combination of senior financing and/or subordinate financing. We are considering lenders that have significant hold capacity to reduce syndication risk,” said Dave Karson, Vice Chairman. “There is tremendous growth happening in San José, the heart of Silicon Valley, right now and that brings a lot of potential for supply. We believe having differentiated net zero product like this creates an exceptional investment opportunity.”

Park Habitat recently held its ground breaking on Earth Day this year and is set to complete in 2025. The Bank of Italy’s renovation is anticipated to complete in Summer 2023. The Orchard Residential is set to commence construction in Fall 2022.

“It has never been more important to build projects that contribute positively to our cities and communities and that are sustainable—socially, environmentally and economically,” said Andrew Jacobson, Vice President US Development at Westbank. “We’ve designed all of the projects in our initiative with that in mind and we’re confident the first three projects will create value in San José and beyond. We’re looking forward to working with investors who share our commitment to supporting the future growth and success of cities through projects of this kind.”

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