SANTA CLARA — A Santa Clara apartment complex landed a 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 complex at 2263 and 2303 Calle Del Mundo, city planning documents state.
An Ensemble and Rethink affiliate has landed a $150 million construction loan from Bank of America to build the apartments, 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.
Ensemble and Rethink, both based in the Los Angeles area, have been taking steps to develop the project site for years…