News Summary
IPA Capital Markets has secured $61 million in financing for Arbello, a new mixed-use development in San Mateo, California. This project will feature 120 residential rental units and 29,000 square feet of office space. With various amenities like a coworking space and wellness center, Arbello aims to address the growing demand for housing and workspaces in the area, contributing significantly to the local economy.
Funding Secured for New Development in San Mateo, California
IPA Capital Markets has successfully secured $61 million in financing for a new mixed-use development named Arbello, located at 477 9th Avenue in San Mateo, California. The project will feature a multifamily and office property that aims to meet the growing demand in the area.
Project Overview
Arbello will consist of five stories and will include a total of 120 residential rental units. In addition to the residential space, the development will also offer approximately 29,000 square feet of office space, catering to both new businesses and professionals in the region.
Resident Amenities
To enhance the living experience for residents, Arbello plans to include a range of amenities designed for comfort and convenience. These amenities will feature:
- A coworking space for professionals
- A wellness center for fitness and health
- A clubhouse for social gatherings
- An expansive courtyard for relaxation
- A beautiful rooftop deck with stunning views
Financing History
The financing was arranged for The Martin Group and JPF Capital, with the managing director from IPA Capital Markets in Palo Alto overseeing the process. Notably, The Martin Group has successfully secured financing and initiated construction on two projects within the last six months. This recent achievement underscores their capability and experience in mixed-use and residential developments.
The Development Team
IPA Capital Markets specializes in commercial real estate capital market solutions, including both debt and equity financing. The firm operates under the umbrella of Marcus & Millichap, a leading brokerage company recognized for its investment sales, financing, and advisory services in commercial real estate. The Martin Group, which is headquartered in Oakland, California, has established a solid reputation in developing residential and mixed-use properties, particularly in areas where demand is high and supply is limited. Since its inception, The Martin Group has developed over 24 million square feet of property, marking its significance in the real estate landscape.
Creating a Competitive Environment
For the Arbello project, six lenders were approached to create a competitive financing atmosphere, which is crucial in real estate development. This competitive edge can lead to favorable financing terms and conditions, ultimately benefiting the project’s overall financial health and viability.
Conclusion
The Arbello development represents a crucial step in addressing housing and office space needs in San Mateo. With a well-planned mix of residential and commercial facilities, along with high-quality amenities, the project is anticipated to become a vibrant community hub. As construction moves forward, it will contribute significantly to the local economy and meet the demands of a population seeking modern living and working environments.
Deeper Dive: News & Info About This Topic
Additional Resources
- Rebusiness Online
- Wikipedia: San Mateo, California
- Business Wire
- Google Search: San Mateo California
- BDT Online
- Encyclopedia Britannica: San Mateo
- Yield Pro
- Google News: Arbello San Mateo
Author: Construction FL News
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