From the Mercury News - "A housing development that will create a new neighborhood in north San Jose is set to sprout after a flurry of property purchases that mark a crucial milestone for the ambitious project.
An affiliate headed up by real estate firm The Hanover Co. paid about $78.6 million in three separate property purchases to buy 22.2 acres of land for the development at 2620 Seely Ave., according to documents filed on Jan. 31 at the Santa Clara County Recorder’s Office.
Texas-based Hanover Co. then sold approximately seven of the 22 acres to an affiliate controlled by SummerHill Homes for $73.6 million. At the time of the purchase, U.S. Bank National Association provided construction financing totaling $61.2 million, county records show.
The seven acres that SummerHill bought will accommodate for-sale townhomes that SummerHill will develop, with work starting this month. Demolition and grading would be the first components of the work.
If fully realized, the project near the intersection of Montague Expressway and Seely Avenue would produce about 1,472 homes." - Continue reading the News Article.
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