$69M financing secured for East Bay Area mixed-use development
JLL Capital Markets arranged the construction financing for the 196-unit Centro Callan in San Leandro, California
SAN FRANCISCO, Oct. 20, 2022 – JLL Capital Markets announced today that it has arranged the $69 million construction financing for Centro Callan, a brand-new, luxury mixed-use apartment complex located in the heart of San Leandro. This new development will offer 196 multi-housing apartments in a five-story building that will also include 31,000 square feet of ground floor retail anchored by Sprouts Farmers Market.
JLL represented The Martin Group, Sansome Pacific Properties and STARS REI to secure the floating-rate construction loan through Principal Real Estate.
Centro Callan will consist of a mix of studio, one-, two- and three-bedroom units, all outfitted with quartz countertops, backsplash, stainless steel appliances, full-size washers and dryers, wide plank flooring, kitchen islands, smart access control and oversized patios and balconies in select units. The building amenities include 20,000 square feet of open space along with a dog park, dog wash station, chef’s entertaining kitchen, clubroom with televisions, indoor phone booths and conference rooms, outdoor work pods, outdoor barbeques and televisions, outdoor game area and a secret garden.
The JLL Capital Markets team was led by Brandon Roth, Spencer Bergthold and Elijah Lax.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About The Martin Group
The Martin Group is a real estate investment firm developing ground-up and value-add residential and mixed-use properties. We focus on infill housing located near durable demand drivers in supply-constrained regions across California and beyond. We focus on misunderstood assets, have a deep understanding of our market and build meaningful relationships with our communities. Headquartered in Oakland, CA, The Martin Group has developed/redeveloped over 24 million square feet of commercial space and over 20,000 residential units since its founding. Further information is available at themartingroup.com.
About Sansome Pacific Properties
Sansome Pacific Properties, Inc. was established in San Francisco in 1998, specializing in single-tenant real estate. Since inception, Sansome has acquired or developed over 1,000 properties, totaling nearly 15,000,000 square feet in 43 states. Our portfolio includes a wide range of asset classes, including single tenant net leased properties of all product types, multi-tenant retail, sale-leaseback portfolios, portfolios of surplus corporate real estate property, stabilized apartments, and mixed-use development projects. Further information is available at sansomepacific.com/.
About STARS
STARS REI is a global, privately held company with real estate holdings in the U.S. and the U.K. We invest in real estate opportunities that have the potential to improve the property and the surrounding area, placing an emphasis on the quality of life in and around the property itself. As of today, Stars REI’s real estate portfolio includes holdings in the Bay Area, Denver, Boston, Cambridge, Seattle, Washington D.C., New York City, and in London, and totals more than 1.3 million square feet. Further information is available at starsrei.com.
About Principal Real Estate
Principal Real Estate manages or sub-advises $100 billion in commercial real estate assets (as of June 30, 2022). The firm's real estate capabilities include both public and private equity and debt investment alternatives. Principal Real Estate is the dedicated real estate group of Principal Asset Management, a diversified asset management organization and a member of the Principal Financial Group®.