In late July, Housing Trust closed its biggest loan: $15.85 million to First Community Housing for a 300+ home development called McEvoy Apartments!
This is notable both because of the size of the loan as well as the forward-thinking concept and location: at the corner of McEvoy and San Carlos St, the proposed apartments will be about a half mile from Diridon Station, 3/4 of a mile from the VTA Race light rail stop, and adjacent to the Los Gatos Creek bike trail – making it a true transit-oriented development.
Housing Trust’s TECH Fund was utilized for a portion of this loan and 100% of the apartments on the site will be affordable. For the Silicon Valley Business Journal story on this news, click here.
The timing of this announcement came when a MidPen Housing project in Redwood City began to move forward. It made us smile because the loan we made to MidPen for that project – $11.2 million – was made in late 2016 and, at the time, was the biggest loan in our history!