CBRE Facilitated $60 Million Refinancing for Two Multifamily Properties in Berkeley

CBRE arranged $60 million in refinancing for New Californian, a 148-unit mixed-use apartment community, and The Metropolitan, a 45-unit dorm-style housing community, both in downtown Berkeley.

Mike Walker, Jesse Weber, Brad Zampa, and Andrew Behrens, on CBRE's Debt & Structured Finance team in San Francisco, secured a ten-year, fixed-rate loan from an agency lender on behalf of Hudson McDonald, a leading developer and operator of residential properties in Berkeley.

"New Californian and The Metropolitan are well-positioned to capitalize on Berkeley's strong market fundamentals and constrained supply. The property's proximity to UC Berkeley and the broader innovation ecosystem offers long-term stability and growth potential for all parties involved," said Walker, executive vice president at CBRE.

New Californian is located at 1988 Martin Luther King Jr. Way and was developed in 2010. It offers a mix of 126 market-rate units and 22 below-market units. Amenities include rooftop decks with views of the San Francisco Bay, a landscaped courtyard, and in-unit laundry and sound-resistant windows. The property also includes 15,778 square feet of retail space anchored by Trader Joe's and Café Etoile.

The Metropolitan is located at 2301 Durant Avenue and opened in 2014. The five-story dorm-style building has 36 quad units, three triples, four doubles and two single rooms. All units come fully furnished, have a kitchenette, shared living room and full bathroom. Community amenities include laundry rooms, rooftop deck with a grill, game room, common living area, bike storage and secured parking.

New Californian is three blocks from the University of California, Berkeley, while The Metropolitan is one block away. Both properties are walking distance to retail, restaurants and public transit.

According to CBRE Research, the Oakland/Berkeley submarket is the top submarket for rent growth in the East Bay.