92,770 SF Office/Retail Property
HRC arranged an $8,000,000 joint venture equity investment for the $22,000,000 acquisition of a 92,770 sf office/retail property located on a city block in Berkeley, CA. The equity was provided by a private investment management firm on behalf of several high-net-worth clients. This represented approximately 70% of the required equity with the remainder funded by the sponsor’s previous investor base. The business plan is to entitle and redevelop the property into a 300+ unit, 180-foot high-rise multi-family project while retaining the street front retail comprising approx 40,000 sf. The property is located across the street from The Bart and is in close proximity to UC Berkeley.