IPA Capital Markets, a division of Marcus & Millichap, successfully secured $61 million in financing for the construction of Arbello. This mixed-use multifamily and office property is located at 477 9th Avenue in San Mateo, California.
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 a rooftop deck.
This financing was secured in a challenging market environment, with IPA Capital Markets creating a competitive market that yielded construction financing quotes from six lenders. This demonstrates the division's ability to facilitate significant development projects in supply-constrained markets.
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