R&S Investments has taken a $31.5 million loan to refinance Aquatic Shattuck, a newly constructed, 78-unit luxury community in Berkeley, Calif. CBRE arranged the 10-year, full-term loan with an interest rate of less than 3 percent through CIGNA.
Andrew Behrens, Jesse Weber and Scott Williams led the CBRE Capital Markets Debt & Structured Finance team. The loan replaces a $26.3 million construction loan taken from First Republic Bank in August 2019, Yardi Matrix shows.
Completed in early 2021, the property reached full occupancy two months after opening. The six-story community, built to LEED Gold standards, has a mix of studio, one- and two-bedroom units ranging from 431 to 985 square feet. Amenities include a fitness center and a community room, along with 1,900 square feet of retail space on the ground floor.
Located at 2640 Shattuck Ave., the community is less than 1 mile south of downtown Berkeley and its various dining, retail and entertainment options. University of California, Berkeley is 1 mile northeast of the property, and downtown Oakland is 4 miles south.
Berkeley has long attracted developers, with six active multifamily projects totaling 835 units under construction at the end of October, Yardi Matrix shows. Development activity in the wider East Bay market has been among the highest in California this year.