PCCP Funds $44M for Milpitas MF Loan

The commercial real estate lender PCCP, headquartered in San Francisco, is giving a Milpitas multifamily project a boost.

PCCP is providing a $44 million mezzanine loan for a 371-unit complex called The District, being developed by Lyon Communities. In addition to the apartments, The District will feature more than 45,000 square feet of retail.

PCCP says its research indicates a 97-percent occupancy rate for the Milpitas area. Construction on The District is scheduled to start in 2017.