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Mason at Hive
Mason at Hive is an urban in-fill 105 unit, Class A newly constructed market rate multifamily property consisting of 97 new ground up units, and 8 units of historic adaptive re-use. The property was completed in 2016 and is located in the “Hive” development in the Uptown neighborhood in Oakland CA. Hive consists of 100,000 square feet of Class A office and niche regional retail utilizing the historic Broadway Street façade and former car dealership. The property represents an appealing choice for renters in the Uptown neighborhood given its unique location in the Hive development that features top local boutique services for its residents. Mason at Hive is located a quarter mile from UBER’s new Global HQ in the historic Capwell’s building and rests between two BART stations within easy walking distance.
Bellwether Enterprise was able to offer the client cutting edge financing options with the newly created Fannie Mae Green Certification Program coupled with the Fannie Mae Near Stabilization loan program for newly constructed properties. Bellwether Enterprise was able to provide a very low fixed interest rate funding prior to “traditional” stabilization requirements (due to the Near-Stabilization Program) and a long term that accomplished the financing objectives of the client.
Mason at Hive is considered a premier property that provides quality residential housing in a core market with significant demand for rental housing. To date there have been no rental concessions creating a strong leasing velocity which resulted in rapid stabilization. The property has two green certifications, GreenPoint Rated Certified and LEED Silver Certified.
The development team is an experienced sponsor with 20+ years as a community builder developing urban in-fill properties. The principals have strong community ties to Oakland and have committed to the enhancement of the neighborhood with the development of the Hive district.
Sponsor and residents enjoy reduced utility costs as the property was constructed using energy saving improvements. Sponsor further benefits from significant interest rate savings by developing the property to “Green” Standards.
Interest Rate Savings: 36 Basis Points
Annual Debt Service Savings: $95,977
10 Year Life of the Loan Savings: $959,774