LOS ALTOS — A Los Altos housing development that would produce well over 100 homes, including dozens of affordable residences, landed a crucial loan to finance the project’s construction.

San Mateo-based Prometheus Real Estate Group, the project’s developer, owns the 3.8-acre property at 5150 El Camino Real. It is two miles from the Googleplex campus in Mountain View and four miles from Stanford University.

The development would consist of two five-story buildings that would contain 172 residential units and 24 townhomes away from the main street, according to documents on file with Los Altos officials. All of the units are slated to be rental dwellings, city planning files show.

Prometheus landed an $80 million construction loan from JPMorgan Chase, according to documents filed on June 13 with the Santa Clara County Recorder’s Office.

In 2021, a Prometheus affiliate paid $48 million for the development site, county real estate records show.

When the project was first proposed and then approved by Los Altos city officials, it was expected to create a big housing development in proximity to major tech hubs. Instead, the proposed housing was stalled for years after a $42 million loan to finance the property became delinquent.

The project’s original developer, Dutchints Development and that company’s principal executive, Vahe Tashjian, obtained the loan in 2018 to finance their purchase of the development site.

An affiliate controlled by Dutchints Development and Tashjian, however, defaulted on the loan in 2021.

The loan delinquency triggered a legal battle in Santa Clara County Superior Court over the property’s fate and ownership.

In 2021, a Santa Clara County judge issued a court order that cleared the way for Prometheus Real Estate Group to buy the property. The proceeds from the purchase were used to pay off the lender on the original loan.

In 2024, Prometheus bulldozed an office building that had occupied the site for years as a prelude to the actual construction of housing.