San Francisco, Calif, November 9, 2015 – PCCP, LLC announced today that it has provided a senior construction loan to a joint venture between BHV CenterStreet Properties and JD Capital for the development of Artist Walk, an infill mixed-use project within the Centerville District of Fremont, Calif. The project will include 185 apartment units and 28,641 square feet of ground floor retail space on 6.24 acres of land. Construction on the project has commenced in conjunction with the closing of this senior loan, and completion is anticipated in July 2017.
“Artist Walk enables PCCP to finance the development of a Class A mixed-use project in a supply-constrained infill Bay Area submarket that has seen just one new multifamily project of size in the past eight years,” said Dorian Farhang, assistant vice president with PCCP. “Additionally, we have had a successful and longstanding relationship with BHV CenterStreet leadership and are confident that the firm will deliver a project exceeding expectations from both the development process and finished product standpoints.”
Plans for the development incorporate four- and three-story buildings with surface parking as well as continuous street-facing retail across three separate buildings along Fremont Boulevard with a proposed mix of 12 to 17 restaurants and retailers. The apartment units will include one- and two-bedrooms with nine-foot ceilings, washer/dryer, private balconies, and upgraded finishes. Along with the benefit of on-site retail, community amenities will include a pool, clubhouse, and business center.
Farhang noted: “With lack of available land and an apartment occupancy rate of 98 percent, the Fremont area continues to experience job growth fundamentals and strong demand for housing near local employment centers.”
Located at 37070 – 37222 Fremont, Artist Walk is well-positioned as a transit-oriented development. It is situated near strong job centers in the East San Francisco Bay Area and the Silicon Valley—within 30 minutes of most major employers in the Silicon Valley and Oakland. The San Francisco Peninsula is just 15 minutes southwest across the Dumbarton Bridge from the property and both ACE Train (300 feet from the site) and Fremont BART station (2.5 miles away) will provide residents with numerous transportation options.
BHVCP is a private real estate development, investment, and services company based in the East Bay with a focus on developing and acquiring residential, retail, and mixed-use projects in the San Francisco Bay Area. With over 30 years of experience each, principals Brad Blake and Brad Griggs have developed in excess of 6,500 apartment units. Artist Walk will be the first joint venture between BHVCP and JD Capital. JD Capital, the equity partner for the Artist Walk project, is a China-based private equity investment firm.
About PCCP, LLC
PCCP, LLC is a premier real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has approximately $5.5 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco and Los Angeles, PCCP has a proven track record for providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP originates and services each of its investments, ensuring that clients benefit from added value and outstanding investment returns. Since its inception in 1998, PCCP has successfully raised, invested and managed approximately $10.5 billion of institutional capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with proven operators seeking fast and reliable capital. Learn more about PCCP at www.pccpllc.com.