Artisan Crossing Gets Funding to Launch Development

A $131.2 million investment was recently initiated to facilitate the development of Artisan Crossing, a 250-unit multifamily project located in Belmont, CA. Square Mile Capital LLC partnered with Bank OZK to place a $76 million first mortgage loan and retained a $55.2 million preferred equity investment.

The loan was made to a joint venture led by Windy Hill Property Ventures which will now begin construction. The investment was arranged by Terry Daly and Dan McLeod of Cushman & Wakefield’s San Francisco office.

“Windy Hill Property Ventures has an excellent track record of developing and leasing both multifamily and mixed-use projects throughout the Bay Area,” says Eric Cohen, Square Mile Capital principal. “We continue to have confidence in the future of transit-oriented projects in Silicon Valley and expect Belmont to be one of the next nodes to develop around CalTrain.”

The project is a short walk to the Belmont CalTrain station and represents one of the first local projects to move forward following the passing of the Belmont Village Specific Plan. The project’s transit-oriented location provides commuters connectivity to downtown San Francisco, San Jose and other Bay Area submarkets.