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3/04/21
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Signature Development Group has obtained $130 mil in construction financing for the development of Brooklyn Basin – Parcel G in Oakland. The project is fully entitled for 371 multifamily apartment homes and 31k sf of retail space on an approximately 2.67-acre parcel (Parcel G) in the Brooklyn Basin master-plan development.
The financing was arranged by Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance team. The loan was funded through Bank OZK.
The 63-acre Brooklyn Basin master development boasts an incomparable location along Oakland’s waterfront, providing residents a serene and tranquil environment unmatched by any other rental community in the East Bay. The project will offer tenants an extensive amenity package, including a fitness center, club house, large outdoor courtyard and a roof deck with views of the San Francisco Bay.
“Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders. This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets,” says Moritz.
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