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August 3, 2020
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Downtown Sunnyvale Res Project Financed with $40.7 Mil in Construction Money


Lane Partners and Bay West Development are preparing to start work on 311 Mathilda Street, a 75-unit residential project in downtown Sunnyvale, after securing a $40.7 mil in financing. 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.

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, while PCCP provided the preferred equity investment.

“The project’s incredible infill location within the Silicon Valley, a short walk from the Sunnyvale Caltrain station, as well as the combined strength and experience of Lane and Bay West resulted in a strongly contested financing process,” Moritz said. “Both California Bank and Trust and PCCP separated themselves from the market by demonstrating a firm understanding of the local multifamily market and delivered very favorable terms for the borrower.”

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