One Lake Merritt Capital Stack
$66M in financing committed - construction and completion guarantees secured!
Historic restorations take vision, experience and capital. To bring One Lake Merritt to life, a total of $143M will be invested over a three year period. With 35% of our funding secured, a financing guarantee from our financial partners, and strong interest from our bond issuer for $70+M, One Lake Merritt puts three times the investment of the competing project on the table, today!
This is a pivotal time for development in Oakland and the amount of new financing options for new projects is truly astounding. This is Oakland's time for bold moves, and Creative Development Partners' extended team has generated significant interest from a varied, but balanced array of financing entities to provide a market-driven solution to many of the community-based challenges facing Oakland and its residents.
Where is capital coming from?
WHO IS INVOLVED?
LETTER OF INTEREST
Private Investment: Harbinger Development, Bridges Ventures, Faustus Capital, 1LM Social Impact Fund, Individual Investors
EB5 Financing: Synergy California Green Hospitality Regional Center
Tax-Exempt Bond: California Municipal Finance Authority
Along with these committed sources, CDP has identified additional sources to access capital upon site control, which fulfills the total project budget. The interest and appetite for financing and completing this project from a range of highly credible entities has been quite encouraging and we are all excited to make this happen for Oakland.
Projected Tax Revenue Comparison