Construction is Set to Kick Off in Early 2022 on Berkeley Multifamily

A $91 million loan recently went toward the construction financing for 2150 Kittredge, a 169-unit multifamily building to be built in downtown Berkeley, CA adjacent to the campus of the University of California, Berkeley. Square Mile Capital Management LLC served as the mezzanine lender with Bank OZK as the senior lender.

The financing was arranged by Donny Perach and Viney Singal of Valtus Capital Group out of Las Vegas.

The loan was made to East Beach Capital, a San Francisco-based developer led by Ed Kavounas, Peter Kavounas, E.J. Kavounas, Amir Massih and Neil Gentile. East Beach Capital acquired the land in two separate transactions in December 2019 and June 2020, and plans to commence construction in the next few months.

“We are confident in the long-term fundamental strengths of the Bay Area, specifically in the multifamily sector, and we expect continued growth of the Berkeley market,” says Harris Neuberg, Square Mile Capital vice president.

The site is centrally located in downtown Berkeley on Kittredge Street between Fulton Street, which borders the University of California and Shattuck Avenue. Amenities will include electric vehicle charging stations.