Manatt successfully represented Urban Catalyst, a Bay Area opportunity zone fund focused on ground-up development projects, in securing a $56.2 million construction loan for the mixed-use Paseo project in San Jose.
The Paseo project is the first of six from Urban Catalyst to begin construction this year. Located in downtown San Jose, the 100,000-square-foot, three-story structure, known as the Camera 12 Theater Building, will be converted into a mixed-use office and retail space, with construction expected to conclude in July 2022.
“The leasing interest has just been phenomenal and speaks volumes to the strength of downtown and this prominent location,” said Josh Burroughs, partner and chief operating officer at Urban Catalyst.
Manatt’s real estate team was led by associate Tara Shabahang and included partners Clayton Gantz and Michael Polentz, senior counsel Tom Muller, and associates Laura D’Iorio and Meagan Licata. The team also included bankruptcy partner Carl Grumer and tax counsel Scott Johnson.