SAN JOSE — The owner of a downtown San Jose tower has obtained the money that’s needed to convert the iconic high-rise from office spaces to housing units, a financial boost that’s poised to bolster activity in the city’s urban core.
The Bank of Italy building at 12 South First St. in San Jose has landed $74.1 million for a project to transform the office building into a residential tower, documents filed on May 13 with the Santa Clara County Recorder’s Office show.
Deutsche Bank AG New York Branch is the lender for the office-to-housing endeavor, according to the real estate records.
Westbank, a real estate developer with a global reach, owns the century-old landmark through an affiliate and is leading the conversion project.
The conversion is expected to produce 109 rental apartments, a public filing by San Jose’s housing agency shows…