SAN JOSE — A key residential complex in downtown San Jose has captured the cash it needs to be completed, the project’s developers say and property records show.

The Graduate, a student housing and retail mixed-use tower being built on S. 2nd Street near the edge of San Jose State University, has obtained $131.7 million in construction financing, according to Santa Clara County public records.

Proponents of the project hope the new tower can help combat the Bay Area housing crisis.The L-shaped Graduate, a 260-room high rise, is a joint venture of San Jose based developer Swenson and Southern California-based Amcal Equities.

“We are pleased to have closed debt and equity financing on this project and to be starting construction,” said Percy Vaz, AMCAL Equities’ chief executive officer.

The equity financing arrived in the form of a purchase by Amcal of the land for the property. Amcal San Jose I, an affiliate of the housing developer, paid $18.1 million for the site on Dec. 8, county records show. The seller was a group controlled by Swenson.

“This is a San Jose first, a really unique project,” said Case Swenson, president of the Swenson firm.

Configured for student housing, The Graduate could be home to 1,039 students. The project also will have about 15,000 square feet of ground-floor retail and restaurant spaces.

The residential building will have recreation and study areas for students, including yoga studio, multipurpose room, a computer center, leasing office, building-wide, high-speed WiFi/Internet, and storage for as many as 575 bicycles.

“The Graduate will serve as a significant bridge between campus and the SoFa Arts District as well as the surrounding urban amenities of downtown,” Swenson said.

San Jose’s SoFA District is downtown’s principal arts and entertainment area, stretching along three blocks of South First Street between San Carlos and Reed streets. The new project is between the university’s campus and the SoFA neighborhood.

The project also will contain an amenities deck featuring an exercise center, a swimming pool with spa and sundeck, barbecue grills and a picnic area.

“The Graduate will be one the nation’s largest purpose-built student housing communities in the country,” Vaz said.