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BAY AREA NEWS
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Bay Area Waterfront Project Lands $166 Mil in Financing

4/13/21

In a large Bay Area financing deal, NorthMarq has secured $166 mil in debt and joint venture equity for the development of The Launch, a 368-unit waterfront multifamily community in Alameda. The project represents the first joint venture between Bay West Group/Pacific Development and the investor, an institutional real estate manager.

The Launch is located at 1777 Clement Ave at the northern edge of Alameda Island along the Oakland Estuary. The project will feature a mix of market rate, BMR and work-live units along with an on-site leasing office for management of resident and future residents.

The property will be built with four interior courtyards with pool, spa, dog runs, BBQ area, fire pits and lounge seating. There are 416 off-street parking spots provided for residents and guests, along with bike parking. Other amenities include roof decks with BBQ, a fitness room and club room.

The building offers a street-level connection from Clement to the Bay Trail and other marina amenities through a double height, twenty feet wide pedestrian corridor. The corridor travels along the amenity bar and interior courtyards of the project allowing all aspects of this site and project building to connect.

NorthMarq’s John Kerslake, Briana Harney and Griff Whitlock arranged the financing, which consists of $62 mil in JV equity and $104 mil in construction money. Construction for the project has already begun, and the project will be delivered in 2023.






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