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October 22, 2019
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MULTIFAMILY NEWS
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PCCP Provides $14.7 Mil in Preferred Equity for Silicon Valley Res Development

3/27/19

Bay West Development and Lane Partners have teamed up with PCCP LLC, who will provide $14.7 mil of preferred equity for the development of a 75-unit, Class A, multifamily community located at 311 S. Mathilda Ave in Sunnyvale. With this money, the developers have lined up a total of $40.7 mil in funding for the project, as mentioned in a previous report on RENTV a couple of weeks earlier.

The developers have obtained entitlements for the project and will begin construction in the second quarter of 2019. The five-story building will feature luxury amenities for residents, including an elaborately landscaped courtyard and roof deck, as well as a state-of-the-art fitness center and clubhouse. Select units will also enjoy private terraces with unobstructed views of the surrounding mountains. The apartment complex will include 4.9k sf of ground floor retail, which is expected to be occupied by a Denny’s restaurant.

Located in downtown Sunnyvale, within the heart of the Silicon Valley, 311 Mathilda will provide tenants direct proximity to one of the largest concentrations of high profile corporate users and technology stalwarts in the world. Additionally, 311 Mathilda is within walking distance from high-end retail and restaurants with over 75 national and boutique eateries and shopping options.

NKF’s Chris Moritz and Ramsey Daya arranged the non-recourse construction financing and preferred equity for the project. California Bank and Trust provided the first mortgage construction loan. The project has an anticipated completion in early 2021.





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