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 highly anticipated Arbello mixed-use development located at 477 9th Avenue, San Mateo, California. This new property stands to become an important addition to the local community, featuring both multifamily residential units and office space.
Details of the Arbello Project
Arbello will be a five-story building that aims to provide a blend of residential and commercial spaces designed to meet the needs of modern urban living. The development will comprise 120 residential units available for rent, catering to a diverse group of tenants seeking quality housing options in San Mateo.
In addition to residential space, Arbello will also feature approximately 29,000 square feet of office space. This allows for numerous opportunities for businesses to thrive in a bustling area, providing an attractive environment for both work and lifestyle.
Amenities that Enhance the Living Experience
Residents and office users will enjoy a wide range of amenities designed for comfort and convenience. The features at Arbello will include a coworking space that encourages collaboration and productivity, a wellness center for fitness and health, and a clubhouse for social gatherings. In addition, an expansive courtyard provides outdoor space for relaxation and recreational activities, while a rooftop deck offers stunning views of the surrounding area, enhancing the community experience.
Development Team and Financing Strategy
The financing for Arbello was facilitated by Brandon Roth, the managing director in IPA Capital Markets’ Palo Alto office. Roth played a key role in marketing the financing on behalf of The Martin Group and JPF Capital. Notably, The Martin Group has successfully secured financing for construction projects twice within the past six months, showcasing their capability to attract capital for development projects.
One of the primary reasons for the success in securing financing was the quality and location of the Arbello project. The strategic location in San Mateo is seen as a significant advantage for the development, attracting interest from potential investors and lenders.
Creating a Competitive Market for Financing
In order to ensure the best financing terms, IPA Capital Markets created a competitive environment by soliciting financing quotes from six different lenders. This approach not only provided options but also likely resulted in favorable financing conditions for the development team, enabling them to move forward with construction.
IPA Capital Markets specializes in commercial real estate financing solutions, offering services including debt, mezzanine financing, preferred and joint venture equity, as well as sponsor equity. This positions them well in the market to assist projects like Arbello in achieving their financing goals.
Focus on Infill Housing Development
Meanwhile, The Martin Group continues to focus on developing ground-up and value-add residential and mixed-use properties specifically in infill housing locations. This focus underscores the need for quality housing in well-located areas, particularly in urban settings where demand remains high.
Overall, the Arbello mixed-use development project represents a significant step forward for San Mateo, providing not only housing options but also space for businesses to thrive. As construction gets underway backed by secure financing, it is an exciting time for the local community and the stakeholders involved.
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
