HFF Secures $23M for Walnut Creek Condos
The 48-unit community will be developed by a joint venture led by The Address Co. The property is slated for completion in the summer of 2018.
HFF secured $23 million for the development of the Riviera Condominiums, a 48-unit, Class A development in Walnut Creek, Calif. HFF acted on behalf of the borrower, a joint venture led by The Address Co., to secure the floating-rate construction loan through a regional bank.
Located on a 0.52-acre site at 1605 Riviera Ave. immediately north of the BART system’s Walnut Creek station and just east of I-680, the community is located within walking distance to downtown Walnut Creek’s retail and entertainment amenities. The property will feature 48 flat- and loft-style for-sale units upon completion. Community amenities will include a rooftop common area, urban courtyard, outdoor grilling area, clubroom and a gated two-level parking garage with 82 spaces.
The property was designed by LCA Architects and is slated for completion in the summer of 2018. Construction also began in 2016 on Riviera Family apartments, an affordable community developed by Resources for Community Development. The two project sites totalling 58 units are located at 1515 and 1738 Riviera Ave.
HFF’s debt placement team was led by directors Jordan Angel and Bryan Clark and analyst Zachary Kersten. HFF also recently arranged financing totaling $10.5 million for two Walnut Creek, Calif., apartment communities, Vista Terrace and Oak Terrace, on behalf of the borrower, PTLA Real Estate Group.
Image courtesy of The City of Walnut Creek