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