Housing Trust has provided a $995,000 bridge loan for Markham Plaza II, Phase 2 of Markham Plaza Project, a 153 home Core Companies development in San Jose. This is following an earlier $1.3 million loan to the Phase I development. Both loans are allowing the Sponsor time to restructure the debt and rehabilitate the project helping to preserve the affordability of the complex. The planned rehabilitation efforts – which include electrical, plumbing, flooring, paint, and cabinet upgrades in each home – have been broken up into 19 phases with plans to finish construction by late 2020.
The loan utilized the Supportive Housing Fund – a partnership between Housing Trust and the County of Santa Clara that has started up or preserved 719 homes.
Originally completed in 2003, the monthly rent for half of the apartments in Markham Plaza is affordable to households earning 35% of area median income (AMI) or below, while the remainder is aimed at households earning 50% of AMI or below. In front of a bus stop and within walking distance of a number of employment opportunities for residents, Markham’s on-site features include a computer lab with classes, a library, a fitness center and a community room. Job training and social services are available to all residents.