June 16, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $28 million in financing for 3900 Adeline, a newly-built, 101-unit multi-housing community in Emeryville, California.
HFF worked on behalf of the borrower, Madison Park Financial Corporation, to place the 10-year, fixed-rate loan with Nationwide Real Estate Investments.
3900 Adeline is situated at the corner of Adeline and 39th Streets in the heart of the sought-after North Oakland/Berkeley/Emeryville neighborhood of San Francisco’s East Bay. The transit-oriented property is one block from the Emery Go-Round shuttle and offers nearby access to the MacArthur BART station, AC Transit regional bus service, Amtrak Capitol Corridor commuter train and Interstates 80, 580 and 880. The property is also convenient to multiple nearby retail amenities and employers in Emeryville, Oakland and downtown San Francisco (by way of BART train or by car). Completed in 2015, the four-building, three-story property has 101 units averaging 776 square feet each; 1,280 square feet of 100-percent-leased, ground-floor retail; and a 107-space, underground parking garage. The property features a central courtyard, bike room, electric car charging stations and a community room with full kitchen.
The HFF team representing the borrower was led by senior managing director Bruce Ganong.
“The ability to generate competitive proposals from several life insurance companies so soon after completion of construction and lease up is a testament to the quality of the build, desirable core location and strong market fundamentals,” said Ganong.
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