U
rban Catalyst has pivoted its San Jose project to market‑rate apartments, abandoning plans for senior housing. The eight‑story building at 313 Gifford Ave will contain 277 units, all priced at market rates, says founder Erik Hayden. The firm recently secured a $112.5 million loan for a 278‑unit complex on West San Carlos and Josefa Streets, and opened a 176‑room Marriott TownePlace Suites at 495 West San Carlos. Hayden notes that market‑rate multifamily is the most bankable option, while senior, student, and affordable housing face tougher financing. He believes delivering the project sooner benefits both the community and investors.
