New York City, (November 8, 2021) – Square Mile Capital Management LLC (“Square Mile Capital”) today announced the closing of a $91 million loan to finance the construction of 2150 Kittredge, a 169-unit multifamily building to be built in downtown Berkeley, CA, adjacent to the campus of the University of California, Berkeley. Square Mile Capital served as the mezzanine lender with Bank OZK as the senior lender.
The financing was arranged by Donny Perach and Viney Singal of Valtus Capital Group out of Las Vegas.
The loan was made to East Beach Capital, a San Francisco-based developer led by Ed Kavounas, Peter Kavounas, E.J. Kavounas, Amir Massih, and Neil Gentile. East Beach Capital acquired the land in two separate transactions in December 2019 and June 2020 and plans to commence construction in the next few months.
Square Mile Capital Vice President Harris Neuberg said, “The principals of East Beach Capital have deep development expertise in the Bay Area, and we are excited to be partnering with them on this project. We are equally pleased to be working again alongside Bank OZK, who has been a trusted and reliable partner to Square Mile Capital in the construction lending space. We are confident in the long-term fundamental strengths of the Bay Area, specifically in the multifamily sector, and we expect continued growth of the Berkeley market.”
Upon completion, the seven-story building will feature keyless entry, wood laminate floors, and double-pane windows. Amenities will include three resident lounges, a roof deck with an entertainment center, dog run, putting green, and electric vehicle charging stations.
The site is centrally located in downtown Berkeley on Kittredge Street between Fulton Street, which borders the University of California, and Shattuck Avenue, Berkeley’s main retail, dining, and nightlife corridor. The property will also feature 16,000 square feet of ground-floor retail space. The project is less than a five-minute walk to the Downtown Berkeley BART, the second busiest BART station outside of San Francisco, providing easy access from Berkeley to San Francisco, Oakland, and San Jose.
About Square Mile Capital Management LLC
Square Mile Capital Management LLC is an integrated institutional real estate and investment management firm based in New York. The firm’s commercial real estate debt platform provides customized capital solutions for real estate owners and developers throughout the United States. Square Mile Capital’s equity platform serves as a partner of choice for opportunistic and value add real estate investments across all property types. By identifying the impact of long-term trends on real estate values, the firm focuses on key investment themes and investment structuring in order to maximize risk-adjusted investment returns. For more information, visit www.squaremilecapital.com.