CBRE Capital Markets Secures $47M for Berkeley Mixed Use

CBRE Capital Markets has secured $47 million in financing for a non-recourse loan on The New Californian, a mixed-use building in Berkeley.The New Californian has 148 apartment units and 15,700 square feet of retail.

Metropolitan Life Insurance Co. is the lender, while Hudson McDonald is the developer of the property, which was built in 2010. The New Californian has had nearly full occupancy in its five years of operation. The University of California, Berkeley, as well as the downtown area are in walking distance from the property.

John Nelson, Michael Walker and Erik Franks from CBRE arranged the financing.