PCCP Provides $44MM Loan for the Development of a 371-Unit Multifamily Property in Milpitas, CA
San Francisco, Calif, November 2, 2015 – PCCP, LLC announced today that it has provided a $44 million mezzanine loan for the development of a seven‐story, 371‐unit, Class A multifamily apartment project with 45,000 square feet of ground floor retail called The District. Located at 1315 McCandless Drive in Milpitas, Calif., the project is a fully entitled, 5.2‐acre site that will be developed by Lyon Communities. This loan has enabled Lyon to begin construction with anticipated completion in late 2017. The north San Jose/Milpitas submarket is consistently among the most stable residential markets in the country. According to MPF Research, the submarket reported 95 percent or greater occupancy since 2009, with second quarter 2015 occupancy at nearly 97 percent.