The Martin Group Secure Construction Loan from Pacific Western Bank for a Sacramento State Student Housing Development Project
SACRIMENTO, Calif., June 9, 2020 /PRNewswire/ – AECOM-Canyon Partners ("ACP"), in a joint venture with The Martin Group, today announced the closing of a $73.3 million senior construction loan from Pacific Western Bank to begin the transit-oriented development of Wexler on 65th, a mid-rise student housing project near California State University, Sacramento ("Sacramento State"). The development will bring much needed housing to Sacramento State. Construction of the project is scheduled to commence in June 2020, bringing hundreds of job opportunities to the community, and is scheduled to reach completion by Fall 2022.
The property is located less than a 5-minute walk from the university's Hornet Crossing entrance and adjacent to several retail and dining options. It is directly adjacent to Sacramento Regional Transit Authority's ("SacRT") University/65th St. Gold Line light rail station, providing direct service to downtown Sacramento in approximately 11 minutes. In March 2020, the joint venture began the reconstruction and modernization of bus stops for the SacRT on 67th and Q streets, as part of the Wexler's off-site improvement plan.
The 223-unit project will offer a mix of studio, two-, three-, four-, and five-bedroom units, featuring bedroom-bathroom parity, in addition to numerous tenant amenities, ample parking, and approximately 7,400 square feet of commercial space.
With a total enrollment of over 31,000, Sacramento State is the sixth largest university in the California State University ("CSU") system, which is the largest four-year public university system in the United States. Over $260 million of projects have been recently completed or are underway at Sacramento State, including a new science center and student activity center.
About AECOM Capital
AECOM Capital is an investor and developer of real estate and other large-scale projects across North America and select international markets. Targeting high-quality, risk-adjusted investments, AECOM Capital leverages AECOM's vast resources across all engineering, design, and construction services for deal flow, due diligence, execution, and project delivery. AECOM Capital has a total development value of over $4.5 billion across approximately 10 million square feet. As part of AECOM, a fully integrated global infrastructure firm, we connect knowledge and experience across a global network of experts to help clients solve their most complex challenges. A Fortune 500 firm, AECOM had revenue of approximately $20.2 billion during fiscal year 2018. See how we deliver what others can only imagine at www.aecomcapital.com.
About The Marin Group
The Martin Group is a real estate investment firm developing ground-up and value-add residential and mixed-use properties. We deliver superior returns by focusing on urban infill housing located near durable demand drivers in supply-constrained regions of California. The Martin Group has acquired, developed and managed all types of real estate, resulting in cumulative project experience exceeding 24 million square feet including 20,000 apartments.
About Pacific Western Bank
Pacific Western Bank is a commercial bank with over $26 billion in assets headquartered in Los Angeles, California, with executive offices in Denver, Colorado. The Bank has 74 full-service branches primarily located in California, with one branch located in Durham, North Carolina, and one branch located in Denver, Colorado. We offer national lending products including asset-based, equipment, and real estate loans and treasury management services to established middle-market businesses. Learn about Pacific Western Bank, visit www.pacwest.com.
Media Contact:
AECOM:
Brendan Ranson-Walsh
Vice President, Global Communications
213-996-2367
Brendan.Ranson-Walsh@aecom.com
Canyon Partners Real Estate:
Kris Cole
Prosek Partners
310-652-1411
pro-canyon@prosek.com