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NKF Arranges $40.7M in Construction Financing for Multifamily Project in Sunnyvale, California

311-Mathilda-St-Sunnyvale-CA

Slated to begin construction in 2019, 311 Mathilda Street in downtown Sunnyvale will feature 75 apartments, a fitness center, clubhouse, courtyard and rooftop deck.

SUNNYVALE, CALIF. — Newmark Knight Frank (NKF) has secured $40.7 million in non-recourse construction financing and preferred equity for the development of 311 Mathilda Street, a multifamily property in downtown Sunnyvale. The borrowers and developers are Lane Partners and Bay West Development.

The five-story development will feature 75 apartments, a landscaped courtyard, roof deck, state-of-the-art fitness center and clubhouse. Lane Partners and Bay West have secured entitlements for the project and will begin construction in the second quarter of 2019.

California Bank & Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment.

Chris Moritz and Ramsey Daya of NKF represented the borrowers in the financing.

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