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.
New $61 Million Mixed-Use Development, Arbello, Secured in San Mateo
In a significant boost to the San Mateo community, $61 million has been secured for the construction of Arbello, a new mixed-use development set to transform the area. This financing marks an important milestone for the project, which will feature both multifamily residential units and office space.
Project Overview
Located at 477 9th Avenue in San Mateo, California, Arbello is designed to be a five-story building that combines living and working environments. The development will consist of 120 residential rental units, offering a new housing option in this supply-constrained market. In addition to the residential components, Arbello will provide approximately 29,000 square feet of office space, catering to businesses looking for a prime location.
Community Amenities
Arbello is set to offer a range of amenities aimed at enhancing the quality of life for its residents. Planned features include:
- Coworking Space: Designed to meet the needs of modern professionals.
- Wellness Center: Focusing on health and fitness.
- Clubhouse: A social hub for residents to gather and connect.
- Expansive Courtyard: Providing outdoor space for relaxation and community events.
- Rooftop Deck: Offering stunning views and a space for leisure activities.
Funding and Development Team
The financing for Arbello was facilitated by IPA Capital Markets, a branch of Marcus & Millichap, which specializes in securing commercial real estate financing. The successful deal was arranged on behalf of The Martin Group and JPF Capital, demonstrating the collaborative effort behind this ambitious project.
The managing director at IPA Capital Markets’ Palo Alto office played a pivotal role in advising and marketing the financing strategy, creating a competitive environment by approaching six different lenders. This approach allowed the development team to secure optimal financing terms for the project.
The Martin Group’s Expertise
The Martin Group brings considerable experience to the project, with a history of successfully launching developments in the region. Over the past six months, they have secured financing and commenced construction for two different projects, highlighting their robust capabilities in navigating the capital markets for mixed-use properties.
With a focus on developing residential and mixed-use properties in constrained markets, The Martin Group’s strategic planning and execution have positioned them as leaders in the field. Headquartered in Oakland, California, they boast a track record that includes the successful development of over 24 million square feet since their inception.
The Future of Arbello
As construction on Arbello gets underway, the development promises to play a significant role in meeting the growing demand for housing and office space in San Mateo. With its combination of residential comforts and professional work settings, Arbello is poised to become a vibrant community destination.
The successful financing and execution of this project reflect the ongoing trend towards mixed-use developments that cater to the diverse needs of modern living and working environments. Arbello not only brings new housing options but also aims to enhance community connectivity and quality of life for residents in the region.
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
