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.
IPA Capital Markets Secures $61 Million Financing for Arbello Mixed-Use Development in San Mateo
IPA Capital Markets, which operates under the umbrella of Marcus & Millichap, recently announced that it has successfully secured $61 million in financing for the construction of a new mixed-use development called Arbello. This project is set to be located at 477 9th Avenue in San Mateo, California, signaling a significant step in the ongoing efforts to enhance the area’s residential and commercial capabilities.
Details of the Arbello Development
The Arbello project is designed as a five-story building that will combine both residential and office spaces. It will feature 120 rental apartments, catering to the growing demand for housing in a bustling urban environment. In addition to the residential units, the property aims to provide roughly 29,000 square feet of office space, appealing to businesses seeking a modern workspace in a prime location.
Amenities That Elevate Living and Working
The development will not only focus on space but also on quality of life. Residents and tenants will enjoy a range of amenities, including:
- Coworking space for professionals
- Wellness center promoting health and well-being
- A spacious clubhouse for social gatherings
- An expansive courtyard for outdoor activities
- A stunning rooftop deck with views of the surrounding area
These features are designed to enhance the living experience while offering functional spaces for work, making Arbello a sought-after location for both residents and businesses.
Financing and Market Context
The financing for the Arbello project was marketed and facilitated by managing director Brandon Roth from IPA Capital Markets’ Palo Alto office. In a highly competitive landscape, IPA was able to create a favorable financing environment by obtaining quotes from six different lenders. This strategic maneuver played a crucial role in securing the necessary funds for construction.
Moreover, this financing marks the second time within six months that The Martin Group has successfully secured funding for construction projects. The company’s focus remains on developing both ground-up initiatives and value-add residential and mixed-use properties. The strategic choice of Arbello’s location and the overall quality of the project were highlighted as significant factors in attracting financing.
About IPA Capital Markets and Marcus & Millichap
IPA Capital Markets specializes in providing comprehensive financing solutions that include debt, mezzanine financing, preferred and joint venture equity, as well as sponsor equity. The organization is recognized for its thorough approach to supporting commercial real estate initiatives, whether they are newly constructed developments or substantial renovations.
Marcus & Millichap, the parent company of IPA, excels in commercial real estate investment sales, financing, research, and advisory services. It has established a significant presence across the United States and Canada, further solidifying its role as a leader in the commercial real estate landscape.
The Outlook for Arbello
With the financing successfully secured and all major components in place, the Arbello mixed-use development represents a promising addition to the San Mateo area. It reflects current trends in urban development, where the blending of residential and commercial spaces is becoming increasingly popular. As construction gets underway, stakeholders and potential tenants will be watching closely as Arbello aims to set a new standard for quality living and working environments in the region.
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
