Multi-Housing News

October 24, 2022

Jordana Rothberg

The Martin Group, along with Sansome Pacific Properties and STARS REI, has landed $69 million in construction financing for its luxury mixed-use community. Principal Real Estate provided the loan for the asset in San Leandro, Calif. Once completed, it will be a 196-unit property with 31,000 square feet of retail space.

Centro Callan will be a five-story building with studio, one-, two- and three-bedroom apartments. The ground floor retail space is set to be anchored by Sprouts Farmers Market. According to Yardi Matrix data, the site is 1.2 acres.

The project, designed by BDE Architecture, has been in planning stages for more than 15 years, according to The San Leandro Next. The land, located at 118 E. 14th St., was identified as a key opportunity development site in the 2007 Downtown TOD Strategy.

Community amenities will include 20,000 square feet of open space, along with a clubroom, game area, outdoor garden, dog park, chef’s kitchen, outdoor workstations and indoor phone booths and conference rooms. Individual units will feature smart access control, washers and dryers, kitchen islands, and in select apartments, patio and balcony options.

Brandon Roth, Spencer Bergthold and Elijah Lax with JLL Capital Markets represented the owners in securing the floating-rate construction loan.

Centro Callan is expected to be completed in 2024.

Homes where supply is needed

The California multifamily market is experiencing an ongoing housing crisis. Last month, two bills were signed to address the housing issue, incentivizing developers to convert commercial buildings into residential units.

The new laws are in place to hopefully encourage more adaptive reuse projects and provide additional housing to California residents.