SAN FRANCISCO-Holliday Fenoglio Fowler, L.P. (HFF) announces the $201 million financing for the development of The Reserve, a 636-unit luxury multi-housing community in San Jose, California.
The HFF team worked on behalf of Greystar to secure the construction loan through Otéra Capital.
The Reserve is located at 897 S. Winchester Boulevard in San Jose within walking distance to Santana Row, Silicon Valley’s premier mixed-use dining, entertainment and retail destination. Additionally, the project is adjacent to Interstate 280, which provides access to the nearby world headquarters of Apple, eBay, Google, Netflix and other major employers. Due for completion in 2020, The Reserve will comprise a mix of one-, two- and two-bedroom loft-style units averaging 869 square feet as well as more than 8,000 square feet of street-level retail. The two four- and five-story, podium-style buildings will be situated above two levels of subterranean parking, and will feature amenities, including a swimming pool, rooftop lounge, barbecue area, fitness center with yoga rooms, clubhouse with four private dining rooms, business center, pet spa and dog run. The property will seek LEED Green certification and will include environmentally-conscious finishes, including electric car charging stations.
HFF’s debt placement team included senior managing director Charles Halladay and senior director Jordan Angel.
“Otéra Capital is a great fit as a capital partner for Greystar’s development, which will deliver some of the most well-appointed new units in the San Jose submarket,” Angel said.
Holliday Fenoglio Fowler, L.P., acting by and through Holliday GP Corp., a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
Greystar is a leading, fully integrated real estate company offering expertise in investment management, development and property management of rental housing properties globally. Headquartered in Charleston, South Carolina with offices throughout the United States, Europe, and Latin America, Greystar is the largest operator of apartments in the United States, managing over 400,000 units in over 160 markets globally. Greystar also has a robust institutional investment management platform dedicated to managing capital on behalf of a global network of institutional investors with over $14 billion in gross assets under management, including $6.3 billion of developments underway. Greystar was founded by Bob Faith in 1993 with the intent to become a provider of world-class service in the rental housing real estate business. To learn more about Greystar, visit www.greystar.com.
About Otéra Capital
Otéra Capital is among the largest commercial real estate debt lenders in Canada. It is a leader in commercial real estate debt recognized for its expertise, professionalism and reliability. Otéra Capital is a subsidiary of the Caisse de dépôt et placement du Québec, one of Canada’s leading institutional fund managers. Otéra Capital’s expertise is based on more than 30 years of experience in the Canadian market. It provides term and interim loans and arranges loan syndications. It is also involved in the acquisition or disposition of loan portfolios, acquisition of mortgage bonds, asset management and loan servicing. Such expertise allows Otéra Capital to provide a complete range of commercial real estate lending services to its borrowers.
HFF and its affiliates operate out of 24 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.