Bank of America has signed off on a roughly $150 million construction loan that clears a major hurdle for a 301-unit mid-rise apartment project in Santa Clara’s Tasman East neighborhood. The funding will allow developers to demolish two light-industrial buildings and move ahead on a mixed-use complex with street-level commercial and co-working spaces near Levi’s Stadium. Ensemble Real Estate Investments and Rethink Development are listed as the project applicants, and the deal is being framed as a transit-oriented addition to the fast-changing east side of Santa Clara. Recording the loan marks the latest milestone in a multi-year build-out of the broader Tasman East plan.
Loan Recorded Last Thursday, County Records Show
According to The Mercury News, the roughly $150 million construction loan from Bank of America was recorded last Thursday in county records. The same report notes that the two parcels changed hands in recent years for about $8 million in 2021 and roughly $7 million in 2019. The developers plan to replace the existing industrial buildings with apartments, co-working areas and live-work space, keeping the focus on higher-density housing with mixed uses.
City Records Show 301 Units and Green Features
The City of Santa Clara’s project listing describes the site as roughly 1.95 acres and calls for a mixed-use mid-rise development with about 301 residential units, structured parking and a set of water- and energy-saving features, all detailed on the city’s online project page. The listing identifies Ensemble and Rethink as the property owner and applicant, and it notes community meetings dating back to 2019, underscoring how long the proposal has been moving through the city’s review process.
Design and Permitting History
Design materials and early permit filings show plans for activated ground floors, resident amenity spaces and community-oriented open areas that planners say are intended to help knit the new buildings into the existing neighborhood fabric. BAR Architects includes Tasman East work in its portfolio, and a 2021 YIMBY report documented Ensemble’s early filings for nearby parcels, placing this site within a broader wave of Tasman East proposals. Those documents indicate that the property was always envisioned as a conversion from low-rise industrial use to higher-density housing and mixed uses.
Bank of America’s Role in Local Financing
Bank of America has appeared on other financing packages in the area, based on city term sheets and council documents for neighboring parcels, signaling ongoing institutional interest in Tasman East deals. City term sheets for adjacent projects outline CalHFA and Bank of America participation in tax-exempt and taxable construction financing, a pattern that blends public and private capital to support transit-oriented housing in the district.
Next Steps and Timeline
The project currently shows as approved on the city’s project page, but it still needs building permits and a selected contractor before construction can get underway. Developers have not yet announced a firm groundbreaking date. As The Mercury News points out, lining up the construction loan removes a major financing hurdle and could allow work to start once permits are finalized. Residents will have chances to comment during permit reviews, and the developer has linked a small park dedication and ground-floor retail commitments to the larger Tasman East plan.
