Newmark secures $130m funding for Brooklyn Basin – Parcel G project in US

WCN Editorial Team 4 Mar 2021 NORTH AMERICA BUILDINGS

Newmark has secured $130m in construction financing, on behalf of Signature Development Group, for the development of Brooklyn Basin – Parcel G in California.

The project is entitled to construct 371 multifamily apartment homes and 31,000ft2 of retail on an approximately 2.67-acre parcel (Parcel G) in the Brooklyn Basin master plan development.

The 64-acre Brooklyn Basin master development will transform an industrial waterfront on the Oakland Estuary into a vibrant, mixed-use neighbourhood.

The Brooklyn Basin – Parcel G project will offer an extensive amenity package, including a fitness centre, club house, large outdoor courtyard and a roof deck with views of the San Francisco Bay.

Designed by Roma Design Group, the Brooklyn Basin is expected to create approximately 10,000 jobs.
The financial partners of the project include Zarsion America, Signature Homes and real estate developer Reynolds & Brown.

Newmark senior managing director Christopher Moritz said: “Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders.

“This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.”

In January this year, infrastructure company Granite was awarded the Cosumnes Bridge Parent Package by Sacramento-headquartered California Department of Transportation (Caltrans) as part of the $48m Construction Manager/General Contractor (CMGC) contract for the Cosumnes Bridge Replacement Project.

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Newmark secures $130m funding for Brooklyn Basin – Parcel G in US. (Credit: Newmark.)

 

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