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The Closing: Bill Witte
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Related California scores $690M in loans for Santa Clara project
Work has begun on 700 apartments at the newly created Tasman East
There’s nothing like $690 million in construction loans to jumpstart a 1,650-unit housing project in Santa Clara.
Related California, a San Francisco unit of New York-based Related Companies, secured financing to build 700 of the units in two apartment buildings at 2300 Calle de Luna, in the newly created Tasman East, the Silicon Valley Business Journal reported.
Work has already begun on a 509-unit apartment building and a 191-unit senior apartment complex in the new 45-acre neighborhood northeast of Tasman Drive and Lafayette Street.
They replace a swath of low-lying industrial buildings built in the 1980s. Construction is expected to be completed in late 2024 or early 2025.
Otera Capital, a commercial real estate investor based in Montreal, Canada, loaned $360 million for the 21-story apartment tower.
PNC Bank, based in Pittsburgh, loaned $130 million for the seven-story senior complex. Welltower, a health care infrastructure firm based in Toledo, Ohio added $200 million in financing for the senior housing.
Both buildings bookmark what appears in renderings as a large landscaped plaza. They mark the first phase of a $1.4 billion development that will add two 20-story towers with 950 units at 2101 Tasman Drive.
The senior complex is a joint venture by Related, Welltower and Atria Senior Living, based in Louisville, Kentucky, developed under the Coterie brand. A similar project is planned in Cupertino.
Tasman East, approved by the city in 2018, includes 11 residential projects by seven developers with a total of 4,500 housing units. Related California is the master developer and owns a third of the 45-acre site, which will include 106,000 square feet of shops and restaurants, plus 10 acres of parks.
It’s being built next to a 240-acre, mixed-use project called Related Santa Clara, an $8 billion project by Related to redevelop a former golf course and garbage dump at 5155 Stars and Stripes Drive, across from Levi’s Stadium.
When complete, Related Santa Clara will include 6 million square feet of offices and 3.2 million square feet of housing, shops, restaurants and hotels.
— Dana Bartholomew
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