News Summary
IPA Capital Markets has secured $61 million in financing for the Arbello mixed-use development located in San Mateo, California. The project will feature 120 residential units and 29,000 square feet of office space. Designed for modern living, Arbello includes amenities such as coworking spaces, a wellness center, and a rooftop deck. The financing was facilitated by IPA Capital Markets, leveraging a competitive market of lenders. The Martin Group has a proven track record in similar projects, aligning with urban development trends that enhance local economies.
Financing Secured for Arbello Mixed-Use Development in San Mateo
IPA Capital Markets, a division of Marcus & Millichap, has successfully secured $61 million in financing for the construction of the Arbello mixed-use development in San Mateo, California. This substantial funding aims to support the creation of a modern building designed to merge residential and office space all under one roof.
Details of the Arbello Project
Located at 477 9th Avenue, Arbello will be a five-story building featuring a total of 120 residential units available for rent. In addition to its residential elements, the development also includes roughly 29,000 square feet of office space, catering to various business needs within the community.
Amenities Designed for Modern Living
Arbello is designed with residents’ lifestyles in mind, incorporating several amenities that promote both work and leisure. Among the features are:
- Coworking space to support remote and freelance workers.
- Wellness center to encourage physical health and well-being.
- Clubhouse for community gatherings.
- Expansive courtyard for outdoor activities and relaxation.
- Rooftop deck that offers stunning views and a social space for tenants.
Financing Expertise and Market Competition
Brandon Roth, the managing director at IPA Capital Markets’ Palo Alto office, played an instrumental role in advising and marketing the financing on behalf of The Martin Group and JPF Capital. The Martin Group has demonstrated significant expertise in securing financing for construction projects, completing these transactions twice in the past six months.
In this instance, Routh attributes the successful financing to the “quality and location” of the project. By creating a competitive market, IPA Capital Markets was able to obtain construction financing quotes from six different lenders, enhancing the likelihood of favorable terms for the project.
About IPA Capital Markets and Marcus & Millichap
IPA Capital Markets specializes in providing a range of financing solutions tailored specifically to commercial real estate needs. These solutions encompass debt financing, mezzanine financing, preferred and joint venture equity, as well as sponsor equity. Its parent company, Marcus & Millichap, is renowned for its operations across commercial real estate investment sales, financing, research, and advisory services, boasting a significant presence in both the United States and Canada.
Focus on Urban Development
The Martin Group has developed a strong portfolio by focusing on ground-up and value-add residential and mixed-use properties, specifically in infill housing locations. This strategy aligns with current trends in commercial real estate, where urban developments are increasingly sought after for their potential to enhance local economies and promote sustainable living environments.
As Arbello advances through construction phases, it promises to contribute significantly to the San Mateo community, offering modern housing options and vibrant office spaces that cater to the evolving dynamics of work and lifestyle. The successful financing marks an important milestone in realizing this vision, reflecting a growing interest in building mixed-use developments that enhance community interaction and convenience.
Deeper Dive: News & Info About This Topic
Additional Resources
- Connect CRE: Financing Secured for Arbello Mixed-Use Development in San Mateo
- Rebusiness Online: IPA Arranges $61M Construction Financing for San Mateo
- Yield Pro: Arbello Development Overview
- Almanac News: San Mateo County Approves Loan Fund for Farmworker Housing
- Encyclopedia Britannica: Mixed-use Development
Author: Construction FL News
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