Lane Partners and Bay Development secured loan for a 75-unit multifamily project in Sunnyvale.
The $40.7-million construction financing and preferred equity will help fund the of the building set to break ground in the second quarter of 2019, according to a report by Multi Housing News.
California Bank and Trust provided the first mortgage construction loan, while PCCP provided the preferred equity investment.
The five-story development is located at 311 Mathilda St. near Freeway 90. It will feature a landscaped courtyard and roof deck, a fitness center and a clubhouse. Select apartments will also feature private terraces.