Signature Development Receives $130M in Construction Financing for Mixed-Use Project in Oakland’s Brooklyn Basin
OAKLAND, CALIF. — Signature Development Group has received $130 million in construction financing for the development of Brooklyn Basin – Parcel G, an unnamed apartment and retail property located on 2.7 acres within the master-planned Brooklyn Basin community in Oakland.
The project is entitled for 371 apartments and 31,000 square feet of retail space. Designed by California-based TCA Architects, the residential property will offer a fitness center, clubhouse, outdoor courtyard and roof deck with views of San Francisco Bay.
Ramsey Daya and Chris Moritz of Newmark’s Debt & Structured Finance arranged the financing behalf of Signature Development. Bank OZK provided the construction loan.
“Even with the pandemic-driven challenges posed to the multifamily market, Parcel G’s exceptional location and unique offering for tenants presented a compelling opportunity for lenders,” says Moritz. “This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets.”
Brooklyn Basin is a 63-acre master-planned development located along Oakland’s waterfront. The project will include market-rate housing, affordable housing and townhome residences, including Parcel G. Orion Apartments is currently leasing units, while MidPen Housing’s Paseo Estero and Vista Estero affordable housing communities are set to open this spring. Last November, Township Commons Park opened at the development. It’s the first of five public parks planned for the site.
Brooklyn Basin’s retail offerings include organic grocer Rocky’s Market, restaurant The Kitchen at Rocky’s Market and paddle sports pro shop retailer California Canoe & Kayak.
Signature Development Group is a privately owned development firm based in Oakland. The firm specializes in the development of master-planned communities; commercial and mixed-use projects; adaptive reuse and urban infill properties; and multifamily and single-family residences.
— Amy Works and John Nelson