Related California Lands $690M Financing for Santa Clara Project

Related California, the San Francisco office of New York-based real estate developer Related Companies, has secured $690 million in financing to build two apartment towers in Santa Clara, CA at the newly created Tasman East project. The loans were provided by Otera Capital, PNC Bank and Welltower.

The Silicon Valley Business Journal reports that work has already begun on a 509-unit building and a 191-unit senior apartment complex northeast of Tasman Drive and Lafayette Street. Construction is expected to be completed by early 2025. Both buildings are the first phase of a $1.4 billion development that will add 950 residences.

Related California is the master developer of Tasman East, which will eventually have 4,500 housing units. Meanwhile, another $8 billion project called Related Santa Clara is planned nearby, which will include 6 million square feet of offices and 3.2 million square feet of housing, shops, restaurants and hotels.