March 22, 2022 9:00 AM
Newmark, as exclusive advisor to Bay West Development and Forum Real Estate Group, announces it has secured financing for the development of The Maxwell, a 590-unit multifamily project situated on a 4.5-acre parcel in San Jose, California. Construction on the project will commence before the end of March and the first phase of units is anticipated to be delivered by the third quarter of 2024.
The Maxwell has been designed and programmed with best-in-class amenities and unit interiors that cater to the Silicon Valley tenant base. This focus on satisfying tenant needs has been the hallmark of Bay West and Forum multifamily developments resulting in best-in-market tenant retention levels. Additionally, the project is located directly adjacent to the VTA Light Rail Bascom Station, providing residents with a convenient seven-minute ride to the amenities and employment centers in both downtown San Jose and downtown Campbell.
Vice Chairman Ramsey Daya, Senior Managing Director Chris Moritz and Director Travis Bailey of Newmark’s Debt & Structured Finance team helped arrange the financing on behalf of the owner. The first mortgage loan was placed with one of Australia’s largest pension funds.
“The combination of The Maxwell’s incredible west valley location, direct adjacency to transit, in combination with the extraordinary track record of the development team, resulted in an exceptionally competitive processes with banks, debt funds and pension funds all vying to provide the financing,” said Daya. “The Maxwell is one of the largest multifamily housing projects to ever break ground in the west valley. The unique combination of scale, high-quality residences and amenities and direct access to transit make The Maxwell a one-of-a-kind project in the entire Silicon Valley.”
The project is located within the South Bascom Urban Village Plan and was approved under the City of San Jose’s Signature Project process. With its direct access to transit and high-profile location The Maxwell is hoping to serve as a catalyst in promoting the development of the entire urban village area.
 Dba Newmark Knight Frank in California
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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