Bellwether Enterprise Real Estate Capital closed a $39M loan that refinances a construction loan for Oakland’s Mason at Hive. The Class-A market rate multifamily property will add 97 units and eight adaptive reuse units to Uptown Oakland.

“Oakland has significant demand for more rental housing, and it is no surprise that Mason at Hive has already had such a strong leasing record,” says Bellwether Enterprise president Ned Huffman. “We look forward to continuing to promote community-minded development as we expand Bellwether Enterprise’s reach throughout Oakland and across the country.”

Mason at Hive is part of a larger Hive mixed-use development that is transforming the Broadway Street façade and former car dealerships into retail space. The development is near two BART stations and less than a mile from Uber’s new headquarters.

Bellwether SVP John Ghio of the San Francisco office arranged the financing for Hive Development Group, a partnership between Signature Development Group and Delaney Jordan Investments.

Because the projects garnered two sustainability awards—a GreenPoint Rating and LEED Silver certification—Bellwether Enterprises was able to use Fannie Mae’s Green Certification program and the Near-Stabilization loan program to create a custom lending structure.