Gilroy Multifamily Project Secures Record $183M Construction Loan

A new 530-unit luxury multifamily project in Gilroy has secured a record $183 million construction loan from Dwight Mortgage Trust. The development, located at 315 Las Animas Avenue, will consist of four mid-rise apartment buildings and 33 townhome buildings. Notably, 243 of the 530 units will be designated as income-restricted affordable housing for households earning between 60% and 80% of the area median income. The remaining 287 units will be market-rate. This project will add much-needed housing stock to the San Jose-Sunnyvale-Santa Clara metro area, which has seen increased demand due to the growth of the AI industry. The city of Gilroy is mandated to plan for 1,773 new housing units by 2031, and this development will contribute significantly to that goal. Construction is expected to be completed in 2029.