SACRAMENTO—Metro multifamily development is back. Specifically, construction is underway for the Gio Apartments, a 213-unit class-A apartment project with 4,500 square feet of ground-floor retail/restaurant space. Located at the corner of Stockton and T Streets in an urban infill area, this new development is in walking distance to the light rail line.

Gio features a five-story mixed-use building including a five-story parking structure. The project will consist of 22 studios, 130 one-bedroom and 61 two-bedroom apartments. The site area is 2.8 acres with a density of 46 units per acre.

Managing director Jeffrey Haskell and vice president Tom Wight of NorthMarq Capital's San Francisco office arranged the $40.5 million construction loan for the project. The construction loan request garnered significant interest with a large regional bank providing the most competitive terms, including attractive LIBOR-based pricing, interest-only payments and flexible extension options.

“After several years of very limited new construction and somewhat sluggish demand, the apartment market in Sacramento has shown a strong resurgence, particularly for urban infill projects such as Gio near major employment centers,” Wight tells GlobeSt.com.

The top floor of the parking garage features a sky terrace with a clubhouse, fitness center, spa, outdoor kitchen and has the only elevated pool in the Sacramento region with views of the downtown skyline, GlobeSt.com learns. Additional amenities include a lounge, a bike lounge, one-to-one bike parking, pet grooming center, a dog park as well as a gated and secure resident parking garage with 251 spaces.

The Gio Apartments project is situated just off Highway 50 near three of the region's largest hospitals. The 142-acre UC Davis Medical Center, located two blocks south of the subject property, encompasses more than 2.3 million square feet of space and houses more than 6,600 employees. Both Mercy General Hospital and Sutter Medical Center are located one mile away.