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mcal Housing and Swenson have secured $150 million in financing for their 19-story student housing complex, The Grad San Jose, located at 88 East San Carlos Street in Downtown San Jose. This new loan replaces a previous one from CIM Group, which provided $150 million in late 2021. The refinancing is seen as a positive sign for the central business district's rising confidence.

    The Grad, completed in 2020 on 1.5 acres, features 260 apartments with 1,039 beds, student amenities, and 14,750-square-feet of ground-floor shops and restaurants. The complex includes a three-story parking garage and an amenities deck with an exercise center, pool, sports courts, picnic area, and landscaping.

    Amcal and Swenson had put the apartment tower on the market for an undisclosed price this summer, but it appears they have pulled their listing. The assessed value of the building in January was $186 million. Investors could generate nearly $1.5 million in additional revenue by introducing 46 double-occupancy beds or leasing remaining retail suites.

    Amcal Housing has developed over 14,000 apartments across California, Texas, and Washington since its founding in 1979. Swenson's roots date back to the Carl N. Swenson Company founded in 1912, with notable projects including the Hotel de Anza and San Jose City Hall and Civic Center.