Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin
OAKLAND, CALIF. Signature Development Group has received $ 130 million mortgage lending to develop the Brooklyn Basin – Parcel G, an unnamed apartment and retail property set on 2.7 acres in the master-planned community of Brooklyn Basin, Oakland.
The project is entitled to 371 apartments and 31,000 square meters of retail space. The home was designed by California-based TCA Architects and features a fitness center, clubhouse, outdoor courtyard, and rooftop terrace with views of San Francisco Bay.
Ramsey Daya and Chris Moritz from Newmarks Debt & Structured Finance arranged the financing contract for Signature Development. Bank OZK provided the building loan.
“Despite the pandemic-related challenges for the multi-family market, the extraordinary location and the unique range of Parcel G offers for tenants was a convincing opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, generated significant interest in the debt markets.”
The Brooklyn Basin is a 63-acre master-planned development along the Oakland waterfront. The project will include marketable apartments, affordable apartments and residential buildings, including Parcel G. Orion Apartments currently renting units, while MidPen Housing’s Paseo Estero and Vista Estero affordable shared apartments will open this spring. Last November, the Township Commons Park was opened in the development. It is the first of five public parks planned for the site.
Brooklyn Basin’s retail offerings include organic grocer Rocky’s Market, The Kitchen at Rocky’s Market restaurant, and professional paddling California Canoe & Kayak retailer.
The Signature Development Group is a private development company based in Oakland. The company specializes in the development of master-planned communities. commercial and mixed use projects; adaptive reuse and urban backfill properties; as well as multi-family and single-family houses.
– Amy Works and John Nelson