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5/09/16
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Newmark Realty Capital has arranged $22.9 mil in construction financing for 555 Pacific, a ground up mixed-use development in Santa Cruz. The property, currently under construction with an anticipated completion in late 2017, will consist of 94 multifamily units over four ground floor commercial spaces.
The project is located in a prime location between the city’s downtown core and shoreline, and will provide ample parking and high visibility to both residential tenants and retail customers. 555 Pacific is the only mixed-use residential project currently under construction in the city of Santa Cruz, and upon completion is anticipated to be quickly absorbed given the demand for housing in the county.
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