The project located at 820 W MacArthur will provide 166 new construction affordable apartments to Oakland residents
OAKLAND, Calif., April 22, 2024 /PRNewswire/ — Riaz Capital, in partnership with Alameda County and Bridge Bank, is pleased to announce the successful closing of $30M 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 a commuter’s paradise located steps away from the MacArthur BART station.
The loan is being originated by Bridge Bank, based in San Jose. Bridge Bank, founded in Silicon Valley in 2001, provides a full suite of professional banking services, including commercial banking, real estate construction lending, and tailored services to venture-backed technology and life sciences companies. “Bridge Bank is committed to working with Bay Area developers to build the affordable housing our communities need,” said Kimberly Rysyk, Senior Managing Director of Construction and Commercial Real Estate Lending at Bridge Bank.
Alameda County helped to secure the loan at Bridge Bank by agreeing to deposit $30M of its excess cash reserves into interest-bearing securities at the bank. “This partnership is a win-win for all sides,” said Henry Levy, Treasurer of Alameda County. “The County can support the creation of critical affordable housing while at the same time investing in our local community banks.” This investment is the largest single-focused financing of the Treasurer’s ‘Impact Deposit Program’, which has now deployed over $200Minto County-based housing and economic development projects, partnering with over ten different community banks.
The MacArthur project is also a win for YIMBY legislation supporters. Riaz Capital leveraged the California State Density Bonus law and Oakland’s efficiency unit ordinance to increase the project’s unit count from 76 to 166 apartments. The law is a powerful tool for affordable housing developers to increase density and ease impact restrictions. “The Density Bonus law empowers developers to help solve the State’s housing crisis,” said Riaz Taplin, Founder & CEO of Riaz Capital. “820 West MacArthur proves that coherent housing policy and true public-private partnerships can have a huge impact. We are grateful for the support of Alameda County in making this project a reality and look forward to partnering with the County on many more projects in the years to come.”
About Riaz Capital
Riaz Capital is on a mission to raise the benchmark for workforce housing. Our innovative approach to multifamily development creates beautiful and well-appointed apartments for our residents at an attainable price point We develop, manage, and operate a portfolio consisting of 60 buildings and 3,600 units. We focus on both Ground-Up development and Value-Add Opportunistic strategies. We serve both the workforce and student housing markets in California. Learn more at www.riazcapital.com
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, delivers relationship banking that puts clients at the center of everything. Founded in 2001 in Silicon Valley, Bridge Bank offers a full spectrum of tailored commercial banking solutions, as well as specialized expertise focused on life sciences and technology and innovation companies, at every stage in their life cycle, through its offices in major tech hubs across the country. Bridge Bank also serves the private equity and venture capital communities and provides business escrow services. Bridge Bank is part of Western Alliance Bancorporation, which has more than $70 billion in assets. Major accolades include being ranked as a top U.S. bank in 2023 by American Banker and Bank Director. As a regional bank with significant national capabilities, Bridge Bank delivers the reach, resources, and local market expertise that make a difference for customers. For more information, visit Bridge Bank.
Media Contact:
Mathew Salter
+1 (415) 828-5800
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SOURCE Riaz Capital
