Oakland, CA (March 1, 2021) — Newmark, as exclusive advisor to Signature Development Group, secured $130 million in construction financing for the development of Brooklyn Basin – Parcel G in Oakland, California (“Project”). The Project is fully entitled for 371 multifamily apartment homes and 31,000 square feet of retail on an approximately 2.67-acre parcel (Parcel G) in the Brooklyn Basin master plan development.
Newmark’s Vice Chairman Ramsey Daya and Senior Managing Director Chris Moritz of the Debt & Structured Finance team in the San Francisco office represented the borrower in the financing efforts and the construction loan was placed with Bank OZK.
The 63-acre Brooklyn Basin master development, the Project 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.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion.