The Core Cos. Secures Financing for San Jose Gateway Tower

The Core Cos. and Affordable Housing CDC have secured $197.8 million in financing to begin construction on Gateway Tower, a 15-story affordable housing project in downtown San Jose's SoFA district. Preliminary construction is scheduled to start within days, with a projected completion date in 2029.

The development will provide 220 apartments, 218 of which are reserved for renters earning between 30% and 70% of the Santa Clara County median income. The project is funded through loans from JPMorgan Chase, the city of San Jose, Santa Clara County, and the state of California.

Beyond residential units, the tower will feature 3,300 square feet of ground-floor commercial space. San Jose Jazz Co. is expected to occupy this space as a tenant. Chris Neale, president of The Core Cos., described the closing of the project's financing as a long-awaited milestone.