Riaz Capital and Alameda County Partner to Secure $30M in Construction Financing for Affordable Housing Development
OAKLAND, Calif., April 22, 2024 /PRNewswire/ -- Riaz Capital, in partnership with Alameda County and Bridge Bank, is pleased to announce the successful closing of $30M in construction financing for a new affordable housing development in Oakland. The project is located at 820 W MacArthur on a parcel spanning 0.5 acres at the corner of West MacArthur and West Street in the Longfellow neighborhood. The five-story building will create 166 well-appointed affordable studio apartments with premium amenities, including co-working areas, a media lounge, bike storage, a rooftop deck, and a fitness center. The location boasts an 87 walk score with nearby shopping and is a commuter's paradise located steps away from the MacArthur BART station.
- OAKLAND, Calif., April 22, 2024 /PRNewswire/ -- Riaz Capital , in partnership with Alameda County and Bridge Bank , is pleased to announce the successful closing of $30M in construction financing for a new affordable housing development in Oakland.
- Alameda County helped to secure the loan at Bridge Bank by agreeing to deposit $30M of its excess cash reserves into interest-bearing securities at the bank.
- "The County can support the creation of critical affordable housing while at the same time investing in our local community banks."
- "The Density Bonus law empowers developers to help solve the State's housing crisis," said Riaz Taplin, Founder & CEO of Riaz Capital.