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3/23/22
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Bay West Development and Forum Real Estate Group are set to move forward with development of The Maxwell, a 590-unit multifamily project situated on a 4.5-acre parcel in San Jose, after securing $284 mil in construction money for the project. The project is slated to commence work before the end of March, with the first phase of units anticipated to be delivered by the third quarter of 2024.
The Maxwell has been designed and programmed with best-in-class amenities and unit interiors that cater to the Silicon Valley tenant base. The project is located directly adjacent to the VTA Light Rail Bascom Station, providing residents with a convenient seven-minute ride to the amenities and employment centers in both downtown San Jose and downtown Campbell.
The project is located within the South Bascom Urban Village Plan and was approved under the City of San Jose’s Signature Project process. With its direct access to transit and high-profile location The Maxwell is hoped to serve as a catalyst in promoting the development of the entire urban village area.
Newmark’s Ramsey Daya, Chris Moritz and Travis Bailey helped arrange the financing on behalf of the owner. The first mortgage loan was placed with one of Australia’s largest pension funds.
“The combination of The Maxwell’s incredible west valley location, direct adjacency to transit, in combination with the extraordinary track record of the development team, resulted in an exceptionally competitive processes with banks, debt funds and pension funds all vying to provide the financing,” said Daya. “The Maxwell is one of the largest multifamily housing projects to ever break ground in the west valley. The unique combination of scale, high-quality residences and amenities and direct access to transit make The Maxwell a one-of-a-kind project in the entire Silicon Valley.”
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