Signature Development receives $ 130 million in funding for construction of mixed-use project in Brooklyn Basin in Oakland
The mixed-use project in the Brooklyn Basin Master Plan in Oakland, Calif., Will include 371 apartments and 31,000 square feet of retail space.
OAKLAND, CALIF. – Signature Development Group received $ 130 million in construction funding for the development of Brooklyn Basin – Parcel G, an unnamed apartment and commercial building located on 2.7 acres in the planned community of Brooklyn Basin in Oakland.
The project involves 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and rooftop terrace with views of the San Francisco Bay.
Ramsey Daya and Chris Moritz of Debt & Structured Finance at Newmark organized the financing on behalf of Signature Development. OZK Bank provided the construction loan.
“Even with the pandemic challenges posed to the multi-family market, Parcel G’s exceptional location and unique tenants offering presented a compelling opportunity for lenders,” said Moritz. “This, combined with the strength and experience of the sponsor, has generated significant interest from the debt markets. “
Brooklyn Basin is a planned 63-acre development located along the Oakland waterfront. The project will include market-priced housing, affordable housing and townhouses, units of which Parcel G. Orion Apartments are currently renting out, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are slated to open this spring. Last November, Township Commons Park opened in the development. It is the first of five public parks planned on the site.
Brooklyn Basin’s retail offering includes Rocky’s Market organic grocer, The Kitchen at Rocky’s Market restaurant, and California Canoe & Kayak professional paddling store.
Signature Development Group is a private development company based in Oakland. The company specializes in the development of planned communities; commercial and mixed-use projects; adaptive reuse and urban infill properties; and multi-family and single-family residences.
– Amy Works and John Nelson
