IPA Capital Markets, a division of Marcus & Millichap specializing in capital markets services for major private and institutional clients, has successfully secured $61 million in financing for the construction of Arbello, a mixed-use multifamily and office property located at 477 Ninth Ave. in San Mateo, Calif.
The five-story property will offer 120 residential units for rent and approximately 29,000 square feet of office space. Amenities will include a coworking space, wellness center, clubhouse, expansive courtyard and rooftop deck.
Brandon Roth, managing director in IPA Capital Markets’ Palo Alto office, advised and marketed the financing on behalf of The Martin Group and JPF Capital.
“There are few developers in the Bay Area that have been able to secure financing and start construction in today’s market environment, but The Martin Group has now done it twice in the past six months,” said Roth. “It’s a testament to the quality of their product and their project location. We were able to create a competitive market, securing construction financing quotes from six lenders.”
