WALNUT CREEK, Calif., Aug. 29, 2017 (GLOBE NEWSWIRE) -- Walnut Creek, California-based Loja Real Estate announced today the first funding of what will be a $20,000,000 acquisition and infrastructure loan for the “Truckee Railyard” project in Truckee, California. The borrower is Oakland-based Holliday Development. The loan was originated by San Francisco-based Highland Realty Capital.
Truckee Railyard is a fully-entitled mixed use commercial and residential project adjacent to historic downtown Truckee. Totaling 38 acres, the project will consist of up to 950,000 rentable/saleable square feet, including market rate and affordable housing, retail and office uses, along with community amenities. Truckee is a vibrant mountain community and recreational destination in the Lake Tahoe region of Northern California.
“We are happy to complete this transaction with Holliday Development,” said Scott Kyman, Senior Vice President of Loja Real Estate. “Holliday has a long and successful track record of creating unique projects that respond to local housing and community needs. Truckee Railyard is such a project. It will provide much needed affordable housing, live/work space, restaurants and other amenities that will complement and enhance the historic downtown.”
“Loja is primarily an acquirer of operating retail properties but we are now allocating a portion of our capital to direct investment in development deals and/or as a capital provider,” said Tom Engberg, Chief Executive Officer of Loja Real Estate. “We look for strong sponsorship of well located assets in supply constrained markets. The Truckee Railyard project checks and exceeds all these boxes,” Engberg added.
Loja plans to continue its retail property acquisition program in markets across the country along with looking at creative deal structures that will enhance investor returns.
ABOUT LOJA REAL ESTATE, LLC
Loja Real Estate, LLC is a private equity real estate investment firm with $350 million in assets under management. Loja acquires and manages commercial real estate assets throughout the United States. Additional information may be found at www.lojagroup.com.
ABOUT HOLLIDAY DEVELOPMENT
Holliday Development, founded in 1988, is a development company focused on the development of infill mixed use projects in Northern California. Additional information may be found at www.hollidaydevelopment.com
ABOUT HIGHLAND REALTY CAPITAL
Highland Realty Capital is a commercial real estate capital advisor, representing developers, investors, and owners to raise debt, mezzanine, and equity for their developments, acquisitions, recapitalizations, and refinancings. Highland’s expertise spans all product types and also includes hotel, for-sale residential, senior, and student projects, as well as entitled and unentitled land. Its principals have executed more than $6 billion in transaction volume over their more than 60 years of combined experience. www.highlandrc.com