(Save the date: RealShare Apartments comes to the Westin Bonaventure, Los Angeles, October 24.)
SAN JOSE, CA-Bay West Development has secured $93 million in equity and construction financing for the River Oaks development, a luxury, tech-forward apartment community located at 199 River Oaks Parkway within the famed “Golden Triangle” here. The equity funding was received from affiliates of Berkshire Property Advisors L.L.C. and construction financing from a syndication of Comerica and California Bank & Trust.
Jones Lang LaSalle’s capital markets team and Regency Capital Partners secured the equity on behalf of the San Francisco-based developer.
River Oaks will consist of 293 units across a 3.69-acre site with interiors featuring high-end, class-A finishes unique to the local rental market. Community amenities will include a pool, fitness center, resident lounge and more. Construction of the property is expected to commence immediately, with a delivery date of September 2013.
A source from JLL tells GlobeSt.com that Bay West is currently undertaking a development in Campbell, CA, and previously completed a redevelopment in Belmont, CA, both not far from River Oaks.
As GlobeSt.com previously reported, in March Berkshire originated a $31-million mezzanine loan to help refinance the existing debt on the 795-unit Atlantic Point apartment and townhome complex in Bellport, NY. Savanna and Pantzer Properties partnered for the refinancing with a seven-year, $169.6-million Freddie Mac CME first mortgage from what is now known as Berkeley Point Capital.
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Carrie Rossenfeld
Carrie Rossenfeld is a reporter for the San Diego and Orange County markets on GlobeSt.com and a contributor to Real Estate Forum. She was a trade-magazine and newsletter editor in New York City before moving to Southern California to become a freelance writer and editor for magazines, books and websites. Rossenfeld has written extensively on topics including commercial real estate, running a medical practice, intellectual-property licensing and giftware. She has edited books about profiting from real estate and has ghostwritten a book about starting a home-based business.
