Riaz Capital, in partnership with Alameda County and Bridge Bank, announced the closing of $30 million in construction financing for a new affordable housing development in Oakland.
The project is located at 820 W MacArthur on a parcel spanning 0.5 acres at the corner of West MacArthur and West Street in the Longfellow neighborhood. The five-story building will create 166 well-appointed affordable studio apartments with premium amenities, including co-working areas, a media lounge, bike storage, a rooftop deck and a fitness center. The location boasts an 87 walk score with nearby shopping and is located steps away from the MacArthur BART station.
The loan is being originated by Bridge Bank, based in San Jose. Alameda County helped to secure the loan at Bridge Bank by agreeing to deposit $30 million of its excess cash reserves into interest-bearing securities at the bank.
