SAN FRANCISCO (April 16, 2021) –John Kerslake, managing director, Briana Harney, vice president, and Griff Whitlock, senior analyst of NorthMarq’s San Francisco office secured debt and joint venture equity for the development of The Launch, a 368-unit waterfront multifamily community in Alameda, California.
“This is the first joint venture between Bay West Group/Pacific Development and the investor, an institutional real estate manager. We are excited to see this new partnership grow,” said Kerslake.
The financing package totaled $166 million, of which $62 million in JV equity and $104 million in construction financing was placed. “Closing a syndicated construction loan with three participating lenders was no small feat, but every party at the table buckled down to complete this complex transaction so groundbreaking could commence,” said Harney.
NorthMarq’s team has been working with Bay West Group/Pacific Development since 2017 when they began the entitlement process with the City of Alameda. Construction for the project has already begun, and the project will be delivered in 2023.
“I’ve had a long and fruitful relationship with NorthMarq and John Kerslake over the years. This venture is very gratifying because of our new relationship in a project that will transform the lives of so many occupants benefiting from the location on the Estuary,” said Bill Poland, founder of Bay West Group.
The Launch is located at 1777 Clement Avenue at the northern edge of Alameda Island along the Oakland Estuary. The project will feature a mix of market rate, BMR and work-live units along with an on-site leasing office for management of resident and future residents. “We are delighted to be transforming the industrial edge of Alameda Island and building some much-needed housing density to the waterfront,” said Sean Murphy of Pacific Development.
The property will be built with four interior courtyards with pool, spa, dog runs, BBQ area, fire pits and lounge seating. There are 416 off-street parking spots provided for residents and guests, along with bike parking. Other amenities include roof decks with BBQ, a fitness room and club room. The building offers a street-level connection from Clement to the Bay Trail and other marina amenities through a double height, twenty feet wide pedestrian corridor. The corridor travels along the amenity bar and interior courtyards of the project allowing all aspects of this site and project building to connect.