SANTA CLARA — A South Bay apartment complex has landed a vital construction loan that could enable a real estate alliance to push ahead with the project, which is poised to produce hundreds of housing units.
Ensemble Real Estate Investments and Rethink Development have teamed up to build a 301-unit, eight-story apartment complex at 2263 and 2303 Calle Del Mundo in Santa Clara, city planning documents state.
Street-level view of an apartment complex at 2263 and 2303 Calle Del Mundo in Santa Clara, concept. (BAR Architects)
An Ensemble and Rethink affiliate has landed a $150 million construction loan from Bank of America to build the apartments on the Calle Del Mundo site, according to documents filed March 5 with the Santa Clara County Recorder’s Office.
The developers intend to bulldoze two light industrial buildings that now occupy the site. It wasn’t immediately clear when the apartment complex would be complete and ready for tenants. City officials have given the project a final approval.
Night view of an apartment complex at 2263 and 2303 Calle Del Mundo in Santa Clara, concept. (BAR Architects)
Ensemble and Rethink, both based in the Los Angeles area, have been taking steps to develop the project site for years.
In 2019, the real estate group’s affiliate paid $7 million for one of the parcels that would accommodate the development site. In 2021, the affiliate paid $8 million for an adjacent parcel.
Combined, the parcels total roughly two acres, city planning documents show.
The project is expected to include some commercial, co-working and live-work spaces, according to the planning documents.
Anticipated amenities may include a gym and fitness area, a lounge and activity area, and a dog spa.
“The project aims to promote a healthy, resilient community,” the project proposal states.