Gilroy just locked in a construction loan that is big even by Silicon Valley standards. Dwight Mortgage Trust has closed a $183 million financing package to back a 530-unit multifamily project at 315 Las Animas Avenue, a development marketed as Park 315. The project sits on roughly 27 acres west of U.S. 101 and is planned to include mid-rise apartment buildings, townhomes and shared amenities, with developers saying they are aiming to finish construction in 2029.
Dwight provides the financing
The $183 million balance-sheet loan comes from Miami-based Dwight Mortgage Trust and was originated by Keith Hoffman and Elliot Haft for developer Ten South Construction, according to The Real Deal. The firm described the financing as the largest construction loan in its history, a milestone that puts Gilroy squarely on the radar of national lenders. The deal also ranks as one of the largest single-site multifamily construction loans announced in the Bay Area this year, with the developer reiterating a 2029 target to wrap construction.
What the plans show
Renderings and permitting documents indicate Park 315 will bring four mid-rise apartment buildings, 33 townhome structures, a clubhouse and leasing office, plus roughly 2.7 acres of open space within a 27.55-acre plan area, according to San Francisco YIMBY. The filings depict Mission-style facades, individual garages for the townhomes and mostly surface parking serving the apartment buildings. Project materials outline roughly 38 buildings overall and about 877,661 square feet of total development footprint, signaling a sizable new neighborhood on the city’s east side.
Affordable-unit counts don't line up
On paper, the official sign-off and the financing pitch do not quite match. City entitlement records list 530 total homes, broken out as 424 market-rate residences and 106 low-income units, according to the City of Gilroy. By contrast, lender and company materials compiled by The Real Deal state that 243 of the 530 units will be income-restricted to households earning roughly 60 percent to 80 percent of area median income.
For context, the California Department of Housing and Community Development’s 2026 income limits put 60 percent to 80 percent of AMI in Santa Clara County at about $123,300 to $164,400 for a four-person household, according to the California Department of Housing and Community Development. The discrepancy in the affordable counts will matter for residents watching how many deed-restricted units ultimately show up on-site.
How the project fits into regional targets
Whatever the final affordability breakdown, Park 315 is poised to be a major chunk of Gilroy’s housing pipeline. The Association of Bay Area Governments assigned Gilroy a 2023 to 2031 RHNA (Regional Housing Needs Allocation) of 1,773 units for the cycle, meaning the city must plan to accommodate that total, according to ABAG. Local officials and the development team have framed the Las Animas site as one of the faster ways to add homes during this period, though the final share of income-restricted units will determine how much it actually moves the needle on affordable housing.
Legal background and next steps
The path to this point has not exactly been drama-free. Gandolfi Investments, a Ten South affiliate, sued the City of Gilroy in 2024 over whether the Las Animas proposal qualified for California’s "builder’s remedy" protections, as reported by the Gilroy Dispatch. After that legal fight, the project moved through environmental review, and a Notice of Determination was posted in early 2026, marking a key procedural milestone in the CEQAnet record.
With Dwight’s record-setting financing now secured, the developer’s next hurdles are building permits and site work. An official groundbreaking date has not been announced, but the money is in place and the entitlement path is largely cleared, setting the stage for one of Gilroy’s biggest residential build-outs in years.
