Oakland's LakeHouse Commons secures FHA loan, plans 2020 groundbreaking
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The developers behind Oakland’s approved 361-unit LakeHouse Commons say they have secured a federal loan and expect to break ground on the long-awaited project in the fourth quarter.
The team, a joint venture by UrbanCore Development LLC and National Real Estate Advisors, received HUD approval May 15 for the $134 million 220(d)(4) construction and permanent loan to build the project's market-rate component, a 270-unit apartment project on a one-acre, city-owned site at East 12th Street and Lake Merritt Boulevard. The loan is being administered by Gershman Investment Corp.
The 26-story tower, which includes 18 workforce units and an underground parking garage, will rise over a two-story podium. It is expected to cost about $232 million.
The project also includes a 91-unit affordable building, which will be developed by the East Bay Asian Local Development Corp. at an estimated cost of $65 million. The development team said it has secured funding for the affordable component through private and public sources.
Completion of the podium and both buildings is expected to take 28 months. Clark Construction is the contractor; the architect is AVRP Studios, Architects.
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