News Summary
Institutional Property Advisors has secured $61 million in financing for the Arbello project in San Mateo, California. This mixed-use development will feature 120 rental apartments and about 29,000 square feet of office space. Planned amenities include a coworking space, wellness center, clubhouse, courtyard, and rooftop deck. The project reflects confidence in the San Mateo market amid construction financing challenges, highlighting the developer’s successful track record in creating quality developments.
Financing Secured for Arbello Mixed-Use Development in San Mateo
Institutional Property Advisors (IPA) has successfully secured $61 million in financing for the construction of Arbello, a new mixed-use multifamily and office property located in San Mateo, California. This financing is set to support a vibrant integrated community featuring both residential and commercial spaces.
A Closer Look at Arbello
Situated at 477 9th Avenue, Arbello is designed to be a five-story complex that will offer 120 for-rent apartments. In addition to the housing component, the development will include roughly 29,000 square feet of office space, poised to attract businesses and entrepreneurs looking to establish a presence in the Bay Area.
Residents and office tenants can anticipate an array of modern amenities that enhance their living and working experiences. Among the features planned are:
- A coworking space for flexible office arrangements
- A wellness center aimed at promoting health and fitness
- A clubhouse for social gatherings
- An expansive courtyard that encourages outdoor relaxation and social interaction
- A rooftop deck providing stunning views of the surrounding area
Market Conditions and Financing Achievements
The financing arrangement was facilitated by Brandon Roth, managing director in IPA Capital Markets’ Palo Alto office, on behalf of The Martin Group and JPF Capital. In the current market, it has become increasingly challenging for developers in the Bay Area to secure financing and commence construction projects. However, The Martin Group’s successful track record of securing financing and starting construction twice in the past six months showcases their expertise and the strategic location of their projects.
To achieve this financing milestone, IPA Capital Markets created a competitive market environment, successfully securing financing quotes from six different lenders. Such an accomplishment highlights the demand for innovative mixed-use developments in the area and the confidence lenders have in the project’s potential.
About IPA and Marcus & Millichap
Marcus & Millichap, Inc., the parent company of IPA, is publicly traded on the NYSE under the ticker MMI. The company specializes in providing services related to commercial real estate investment sales, financing, research, and advisory solutions. As of the end of December, the firm has employed 1,783 investment sales and financing professionals across more than 80 offices nationwide.
In 2023, Marcus & Millichap amassed a total of 7,546 transactions, resulting in an approximate sales volume of $43.6 billion. This impressive performance underscores the company’s strength in the real estate sector.
The Martin Group’s Legacy
Founded with a focus on developing and acquiring over 24 million square feet of residential and mixed-use properties, The Martin Group concentrates on demand-driven markets. Their ability to continuously develop outstanding properties further supports the local real estate landscape. The combination of quality construction and prime locations are cornerstones of their operational philosophy.
The development of Arbello marks a significant advancement for San Mateo, as it will blend residential and commercial functions, catering to the evolving needs of its community. As the Bay Area’s housing and office markets continue to adapt, projects like Arbello are vital for sustainable urban growth.
Deeper Dive: News & Info About This Topic
Additional Resources
- Rebusiness Online
- Business Wire
- Yield Pro: Rents Rise in June but Slowly
- BDT Online
- Yield Pro: JRK Property Holdings
Author: Construction CA News
CALIFORNIA STAFF WRITER The CALIFORNIA STAFF WRITER represents the experienced team at constructioncanews.com, your go-to source for actionable local news and information in California and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as the Rose Parade, Coachella, Comic-Con, and the California State Fair. Our coverage extends to key organizations like the California Building Industry Association and Associated General Contractors of California, plus leading businesses in technology and entertainment that power the local economy such as Apple and Alphabet. As part of the broader network, including constructionnynews.com, constructiontxnews.com, and constructionflnews.com, we provide comprehensive, credible insights into the dynamic landscape across multiple states.
