Related California Lands $690M Financing for Santa Clara Project
Related California, the San Francisco office of New York-based real estate developer Related Companies, has secured $690 million in financing to build two apartment towers in Santa Clara, CA at the newly created Tasman East project. The loans were provided by Otera Capital, PNC Bank and Welltower.
The Silicon Valley Business Journal reports that work has already begun on a 509-unit building and a 191-unit senior apartment complex northeast of Tasman Drive and Lafayette Street. Construction is expected to be completed by early 2025. Both buildings are the first phase of a $1.4 billion development that will add 950 residences.
Related California is the master developer of Tasman East, which will eventually have 4,500 housing units. Meanwhile, another $8 billion project called Related Santa Clara is planned nearby, which will include 6 million square feet of offices and 3.2 million square feet of housing, shops, restaurants and hotels.
Mark comes to ConnectCRE with an extensive background as a business and news reporter in San Francisco radio, as well as 35 years as a traffic reporter on several stations including KGO, KNBR, KCBS and KFRC. As a business reporter, Mark covered the tech world in Silicon Valley where he became familiar with real estate transactions in the hot Bay Area marketplace. He attended San Jose State University with a BA in Radio and TV Broadcasting and currently resides in the Lake Tahoe area where he gets to frequently enjoy all of his favorite activities: Golfing, Fishing, Hiking and Skiing.
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