OAKLAND, CA—Mason at Hive is a class-A market rate multifamily property, part of the larger Hive mixed-use development in Uptown Oakland. This creative development has transformed the historic Broadway Street façade and former car dealership into retail spaces featuring local purveyors and office space. Uptown has exploded with retail venues in the recent past, adding to the pressure on housing already in existence.

Mason at Hive has been instrumental in meeting some of that demand for housing. Bellwether Enterprise Real Estate Capital LLC recently arranged a $39.72 million refinancing of a construction loan for the multifamily property through Fannie Mae. John Ghio, senior vice president in Bellwether's San Francisco office, arranged the financing for Hive Development Group LLC, a partnership between Signature Development Group and Delaney Jordan Investments.

“Uptown Oakland is in high demand with shops, restaurants and entertainment cropping up on every block and people looking to make the neighborhood home,” Ghio tells GlobeSt.com. “Mason at Hive is meeting the strong demand for housing, and Bellwether Enterprise is proud to help increase housing supply in a flourishing neighborhood.”

Mason at Hive has 105 new apartments including 97 newly constructed units and eight adaptive reuse units.

“Oakland has significant demand for more rental housing, and it is no surprise that Mason at Hive has already had such a strong leasing record,” said Ned Huffman, president of Bellwether Enterprise. “Hive Development Group has over two decades of experience in Oakland, which is evident in how they consider the impact of their projects on the city's residents. We look forward to continuing to promote community-minded development as we expand Bellwether Enterprise's reach throughout Oakland and across the country.”

Mason at Hive is conveniently located near two BART stations for access to transit. It is also less than a half-mile from the historic Capwell building, home of the new UBER global headquarters.

With the project's two sustainability recognitions, a GreenPoint rating and a LEED Silver certification, Bellwether Enterprise leveraged Fannie Mae's green certification program and the near-stabilization loan program for newly constructed properties to create a custom lending structure.

“The Green Certification program encourages developers to build and renovate with the environmental impact of their projects in mind,” said Ghio. “Due to the project's sustainable construction, we had flexibility in creating the lending structure. The ability to utilize the green incentives made for a better outcome not only for the borrower, but the Oakland community as well. Fannie Mae's Near Stabilization program is the best option for developers in lease-up and allows for the loan to be rate locked well ahead of traditional stabilization models.”

Steady gains in the US economy have resulted in net positives for the multifamily sector—will this wave continue for the foreseeable future? What's driving development and capital flows? Join us at RealShare Apartments on October 19 & 20 for impactful information from the leaders in the National multifamily space. Learn more.

Mason at Hive has 105 new apartments including 97 newly constructed units and eight adaptive reuse units.

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Community-Minded Development Has Strong Lender Interest

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