A joint venture between Bay West Development and Forum Real Estate Group has landed a $284 million construction loan for the development of The Maxwell in San Jose, Calif. Newmark secured the financing through one of Australia’s largest pension funds. The 590-unit project is set to begin construction this month, with expected completion in the third quarter of 2024.
Located within the South Bascom Urban Village Plan and approved under the City of San Jose’s Signature Project process, the development will be part of the South Bascom Gateway Station mixed-use development project, which also comprises an adjacent office building.
Developed on 4.5 acres, The Maxwell will stand eight stories tall and encompass a mix of studio, one-, two- and three-bedroom floorplans, averaging 795 square feet, according to public records. Unit interiors are set to be equipped with luxury finishes and amenities, with WRNS Studio acting as architect for the project.
A transit-oriented development
Situated at 1410 S. Bascom Ave, near the VTA Light Rail Bascom Station, The Maxwell will be less than a mile from Hamilton Shopping Center and a Whole Foods Market store. The transit-oriented community will provide direct access to employment hubs in downtown San Jose and downtown Campbell.
According to Yardi Matrix, the San Jose market is steadily rebounding after being hit by pandemic-induced out-migration trends. In January, the occupancy rate in stabilized multifamily properties increased by 2.8 percent year-over-year through January. Planned and under construction projects in the area are set to add more than 4,450 units to the metro’s existing inventory in the next few years, the same data provider shows.