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REDWOOD CITY, CALIF. – A joint venture between the Pauls Corporation and Mount Kellett Capital Management has received a $121-million loan to develop Indigo, a 470-unit apartment building in Redwood City. The mid-rise community will be located at 525 Middlefield Road, just north of Palo Alto in Silicon Valley.
Indigo will be situated mid-peninsula, allowing easy access to both San Francisco and Santa Clara counties. Construction is scheduled to commence this month.
The non-recourse loan was arranged by CBRE’s Brady O’Donnell, Andrew Behrens, Jesse Weber and Mike Bryant. The four-year, floating-rate loan was secured through Wells Fargo.