Ensemble Real Estate Investments And Rethink Development Secure $150 Million Construction Loan In Santa Clara

The asset involved in this transaction is a development site located at 2263-2303 Calle Del Mundo in Santa Clara, comprising 2 acres. The site is set for the construction of a new eight-story apartment complex, which will house 301 residential units. The existing two industrial buildings on the site are slated for replacement as part of the development initiative.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $150,000,000
• Lender: Bank of America
• Landlord: Kam Babaoff, Michael Moskowitz & Randy McGrane - Ensemble Real Estate Investments; Steve Edwards - Rethink Development
• Loan Type: Construction
• Market: Santa Clara
• Additional Features: Commercial and co-working space, resident amenities including a gym and dog spa

The transaction involves key players in the real estate development sector, notably Kam Babaoff, Michael Moskowitz, and Randy McGrane from Ensemble Real Estate Investments, along with Steve Edwards from Rethink Development. These parties secured a construction loan from Bank of America to pursue the multifamily development project in Silicon Valley, reflecting ongoing efforts to expand residential infrastructure despite challenging market conditions.