Brooklyn Basin–Parcel G in Oakland is fully entitled for 371 multifamily apartment homes and 31,000 square feet of retail on an approximately 2.67-acre parcel (Parcel G) in the Brooklyn Basin master plan development. Newmark, as exclusive adviser to Signature Development Group, recently secured $130 million in construction financing for the development. Newmark’s vice chairman Ramsey Daya and senior managing director Chris Moritz represented the borrower in the financing efforts and the construction loan was placed with Bank OZK.

The 63-acre Brooklyn Basin master development is located along Oakland’s waterfront. It has a fitness center, clubhouse, large outdoor courtyard and a roof deck with views of the Bay.

“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. This, combined with the strength and experience of the sponsor, resulted in significant interest from the debt markets,” says Moritz.