Wells Fargo Provides $82 Million Loan For Residences At Liberation Park In Oakland

The asset involved in the transaction is a development site located at 2751 73rd Avenue in Oakland, CA. The project is part of the Residences at Liberation Park, which will encompass 119 units of affordable housing. The total loan amount is $82 million for construction financing.

Summary of transation details:

• Property Type: Development Site
• Transaction Amount: $82,000,000
• Address: 2751 73rd Avenue
• Market: Oakland, CA
• Lender: Pete Cannava - Wells Fargo
• Landlord: Linda Mandolini - Eden Housing, Inc; Carolyn Johnson - Black Cultural Zone Community Development Corporation
• Loan Type: Construction

The financing includes an additional $57 million in Low-Income Housing Tax Credit equity. The project is developed by Eden Housing and the Black Cultural Zone Community Development Corporation. This six-story development will cater to residents earning between 20% to 60% of the area median income, with an estimated construction duration of three years.