South County Housing
Alexander Place Townhomes, Gilroy, CA
$2,750,000 Interim Construction
Purpose: New Construction of for-sale single family to create 16 units of affordable housing
This CHC loan financed the third phase of construction at Alexander Place Townhomes in Gilroy's Cannery District. This charming contemporary townhome community is just a short walk from downtown Gilroy and the Gilroy Caltrain station.
Phase one of the development started in 2008. By 2010 all phase one units had been sold. Work was suspended during the real estate downturn in Southern California, with 3 of the 8-unit semi-detached foundations in place. In 2012 CHC financed phase two with a $1.8 million loan to build on the remaining foundations. South County used other funds to build shells for the final 16, and in 2013 CHC provided a $2.75 million loan for final build out of those units, which were completed and sold by the Fall of 2013.
The units were affordable to those earning less than 80% of area median income with qualified homebuyers eligible for down payment assistance. The three-story floor plans were drawn by award-winning BDE Architects and offer custom cabinetry, private open space, green building features and private attached garages – all attributes that increased demand for the units.