"Urban Catalyst received $13.9 million in financing for undeveloped parcels where the proposed Icon and Echo residential towers at 147 East Santa Clara St. will be built. The developer also obtained $5 million in financing for Gifford Place, an unbuilt senior residential development at 470 West Santa Clara St., county records show. The Icon and Echo development, as currently envisioned, would produce 600 residential units, according to Urban Catalyst."
"It's always nice to be able to recapitalize your projects, said Erik Hayden, founder and managing partner with San Jose-based Urban Catalyst. The refinancing offers a hopeful outlook for the housing development market, he said. There's still a lot of faith in the ground-up development market in Silicon Valley, Hayden said. There is still a lot of strength in this area."
"The recent cut in short-term interest rates orchestrated by the Federal Reserve and the prospect of more cuts in interest rates have encouraged developers, according to Hayden. We think we are at the beginning of a better cycle with the cut in interest rates, Hayden said. People are sensing a turnaround."
Urban Catalyst obtained $18.9 million in two loans from Avatar Financial Group, according to county records filed Sept. 24. The company received $13.9 million for undeveloped parcels slated for the Icon and Echo residential towers at 147 East Santa Clara St., and $5 million for Gifford Place, an unbuilt senior residential development at 470 West Santa Clara St. The Icon and Echo plan would produce about 600 residential units and Gifford Place would create 169 units. Urban Catalyst characterized the refinancing as a hopeful sign for the ground-up development market amid recent Federal Reserve short-term rate cuts.
Read at www.mercurynews.com
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