Fremont Hills Development Corp. secured $65 million from Parkview Financial for the construction of a new mixed-use development in Fremont, CA. The development is composed of 158 multifamily units situated above 53,900 square feet of ground level retail, along a walkable promenade.
The highly-visible and architecturally-interesting development sits on a nearly 13-acre, prominent, elevated site alongside the 680 freeway in Fremont’s Cameron Hills neighborhood. The ground floor commercial and retail component is expected to be a key destination for the surrounding area, with 21 storefronts designed with a European market town flare.
Located two miles from the Tesla factory, the project is in the heart of the San Francisco’s East Bay where demand for apartments is high and supply is low. At the time of underwriting, demand contributors in this Fremont submarket had pushed vacancy rates down to 2.2%, as rents were on the rise.