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SNK Finalizes Financing for Condo Project

BERKELEY, CA-SNK Realty Group and JV partner Real Estate Capital Partners land $65 million from Pacific National Bank for the $80-million, 143-unit development.

By Brian K. Miller | Updated on August 18, 2008

BERKELEY, CA-SNK Realty and Real Estate Capital Partners have finalized construction financing for a 143-unit luxury condominium development for which excavation is underway in Downtown Berkeley. SNK’s president of development Don Peterson tells GlobeSt.com that San Francisco-based Pacific National Bank is providing $65 million in construction financing for the $80-million project.

“Capitalization was put in place in the third quarter of 2007 [before the credit markets fell apart] and since then we have been finalizing permitting and other pre-development activities,” he said.

Located at 2055 Center St., the Arpeggio of Berkeley will be a nine-story building housing 143 condominiums, 10,000 sf of administrative and theater space for the Berkeley Repertory Theater and 5,700 sf of street-level retail over three levels of underground parking. A dedicated public corridor through the property lined art will connect Center Street with the Arts & Theater District to the north on Addison Street.

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