Bridge Bank Extends $19MM Loan Facility to Riaz Capital
SAN JOSE, Calif., Dec. 4, 2018 /PRNewswire/ -- Bridge Bank today announced it has extended a loan facility to Riaz Capital, an Oakland-based developer focused on addressing the changing housing needs of millennial workers in the Bay Area. The new loan facility will support the Hannah Park project, a ground up four-story mixed use property, located in the city of Oakland, consisting of ground floor retail and 90 units, including studios, junior one-bedrooms, and one-bedrooms.
"Hannah Park represents to us the embodiment of our firm's mission: providing stylish housing our residents can be proud of, at a meaningful discount to other current and upcoming offerings," said Riaz Taplin, principal and founder of Riaz Capital. "We are excited to bring this Class A project to West Oakland - an area so close to major East Bay employers and retail that has nonetheless lagged other Oakland neighborhoods in this development cycle."
"We are committed to designing financial solutions for companies that have the vision to create positive change in the communities in which they live and work," said Kimberly Rysyk, senior vice president in Bridge Bank's real estate lending group. "Riaz Capital is dedicated to bringing a supply of affordable housing to the Bay Area and we are excited to be a part of that effort. Our Bridge Bank team looks forward to supporting Riaz Capital through their continued growth and success."
About Bridge Bank
Bridge Bank is a division of Western Alliance Bank, Member FDIC, the go-to bank for business in its growing markets. Bridge Bank was founded in 2001 in Silicon Valley to offer a better way to bank for small-market and middle-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank offers a broad scope of financial solutions including growth capital, equipment and working capital credit facilities, sustainable energy project finance, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, ESOP finance and a full line of international products and services. Based in San Jose, Bridge Bank has eight offices in major markets across the country along with Western Alliance Bank's powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation. One of the country's top-performing banking companies, Western Alliance ranks #2 on the Forbes 2018 "Best Banks in America" list. For more information, visit bridgebank.com.
About Riaz Capital
Riaz Capital is a fully integrated development, construction and property management company, focused on addressing the changing housing needs of the millennial generation. With a unique appreciation for design and architecture, we find properties in desirable locations and rehabilitate existing buildings as well as develop new properties to create stylish, desirable homes that meet the needs of today's Bay Area workforce, while bringing value to the communities around them. Our integrated group of companies across development, construction, and property management delivers efficiency and long-term thinking to all of our projects while allowing us to create above-market returns for our investors.
The Riaz Capital team includes over 60 talented real estate investment, construction and operations professionals across its offices in San Francisco and Oakland. Our Principals have been successfully operating in the Bay Area since 1977. The Company currently owns and operates ~1,000 units, with $250 Million of assets under management (AUM). Riaz Capital has maintained consistent growth over the last 5+ years, and after the completion of three development projects currently in process, that number will increase to ~1,300 units with ~$400 Million AUM by 2019.
SOURCE Bridge Bank
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