GreenLake Funds $31,500,000 Construction Loan for 28-Unit Mixed-Use Condominium Development in Milpitas, CA

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Oct 11, 2022, 08:54 ET

MILPITAS, Calif., Oct. 11, 2022 /PRNewswire/ -- Los Angeles based GreenLake Asset Management LLC ("GreenLake") has funded a $31,500,000 construction loan for a mixed-use condominium development in Milpitas, CA.

The borrower sought funding to acquire land, and to develop and build a 28-unit condominium complex, featuring 27 residential units and one street level commercial unit. The land is permit ready, which is a significant value in a highly regulated area of the country. This will enable the developer to begin construction immediately and bring the units to market within 18 months, in a market with high demand due to a severe housing shortage.

Paul Diamond, Chief Operating Officer at GreenLake stated, "Milpitas is a significant neighborhood in the greater Silicon Valley area and its housing market serves the growing needs of the tech industry. As more and more firms require employees to return to the office or assume hybrid roles, we expect to see employee housing play a big role in this market. We have full confidence that both the borrower and neighboring communities will benefit from this increase in housing supply."

Founded in 2008, GreenLake Asset Management LLC and its affiliates provide short-term commercial bridge loans nationwide. GreenLake offers creative, flexible and time-sensitive capital solutions for a broad spectrum of real estate special situations. GreenLake lends across a range of asset classes including hospitality, industrial, multi-family, self-storage, mixed-use, office and retail.

Contact:

Kamau Coleman
Director, Originations
626.529.1084
[email protected]

Adam Frank
Vice President, Originations
646.766.0288
[email protected]

Renee Volaric
Vice President, Originations
646.766.0286
[email protected]

www.greenlakefund.com

SOURCE GreenLake Asset Management LLC