HFF secures $23 million financing for 48-unit condominium development in Walnut Creek, California
SAN FRANCISCO, CA – April 10, 2017 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has secured $23 million in financing for the development of the Riviera Condominiums, a 48-unit, Class A development adjacent to the Bay Area Rapid Transit (BART) station in Walnut Creek, California.
HFF worked on behalf of the borrower, a joint venture led by The ADDRESS Company, to secure the floating-rate construction loan through a regional bank.
Riviera Condominiums is being constructed on a 0.52-acre site at 1605 Riviera Avenue immediately north of the BART system’s Walnut Creek station. The transit-oriented community is also walking distance to downtown Walnut Creek’s retail and entertainment amenities, and is just east of Interstate 680. With construction underway, the property will have 48 flat- and loft-style for-sale units upon completion. Community amenities will include a rooftop common area, urban courtyard, outdoor grilling area, clubroom and a gated two-level parking garage with 82 spaces.
HFF’s debt placement team was led by directors Jordan Angel and Bryan Clark and analyst Zachary Kersten.
“When complete, the Riviera Condominiums will represent the best units available in the Walnut Creek market with immediate access to transit and all that the area has to offer,” Angel said.
About The ADDRESS Company
The ADDRESS Company is led by Eric Chevalier and Dave Dacus with a focus in residential, multifamily and mixed-use developments. The company is focused on strategic development and advisory opportunities to acquire, plan, design, entitle, construct, market and sell high-density multifamily, townhomes and mixed-use residential projects. Utilizing very diverse and multi-faceted talents, they strive to create “Best in Class” developments enhancing the communities in which they reside. The company acquires and develops individually or in partnership with like-minded visionaries who have the foresight, creativity and will to redefine the urban landscape and traditional thinking. A shared vision enables them to leverage common goals and achieve uncommon results targeting San Francisco and surrounding Bay Area locations.
Holliday Fenoglio Fowler, L.P. (“HFF”), HFF Securities L.P. and HFF Securities Limited (collectively, “HFFS”) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 24 offices and is a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment sales, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.