SAN JOSE >> A housing development that would create a new neighborhood in San Jose has landed a key construction loan that will help a big chunk of the project move forward.

The Hanover Co., acting through an affiliate, paid about $2 million for a site where the real estate firm aims to develop a large apartment complex at the corner of Montague Expressway and Seely Avenue in north San Jose, documents filed on Feb. 13 with the Santa Clara County Recorder’s Office show.

At the time of the purchase, Hanover also landed a $120.4 million construction loan from JPMorgan Chase.

The deal is the latest in a series of property transactions and construction projects that ultimately would produce a brand-new neighborhood with an estimated 1,472 homes. Site plans for the development show it is slated to become the site of a 397-unit apartment complex with about 6,500 square feet of ground-floor retail.

The new apartment building would be just one piece of a vast mosaic that has begun to emerge at 2620 Seely Ave. in north San Jose.

“This is a completely new neighborhood with market-rate apartments, affordable apartments, for-sale town homes, neighborhood retail, and a new city park,” said Erik Schoennauer, a principal executive with Schoennauer Co., a land-use consultant for the development.

Here are the primary components of what would be developed on the north San Jose site, according to Schoennaeur:

• 154 town homes by SummerHill Homes

• 178 affordable units developed by The Pacific Cos.

• 1,140 apartments developed by Hanover, including 57 inclusionary affordable units

• 19,000 square feet of neighborhood retail

• a city park totaling 2.5 acres

The Sakauye Farm site at 2620 Seely Ave. will be preserved. Eventually, the house that marked one of the focal points of the Sakauye Family’s decades of farming in the development site will be moved to History Park in San Jose, according to Schoennauer.

Some grading work has already begun on the property to prepare sites that eventually would produce the new neighborhood.

The 22.2-acre development is located in a section of north San Jose dotted with numerous tech campuses and is one of the Bay Area’s largest tech hubs.