SAN FRANCISCO, CA – HFF announces the $48.64 million financing for the development of The Morgan at Bay Meadows, an 82-unit, Class A multi-family project in San Mateo, California.
The HFF team worked on behalf of the developer, an affiliate of Stockbridge Capital Group and Wilson Meany, to secure the floating-rate construction loan through Union Bank.
The Morgan at Bay Meadows is situated to the southwest of the U.S. 101 and Highway 92 interchange, which positions it midway between San Francisco and Silicon Valley. The transit-oriented property is just north of the Hillsdale Caltrain station within the pedestrian-friendly Bay Meadows master-planned community, which will feature approximately 1,100 residential units, 780,000 square feet of office space, 18 acres of parks, a new private high school and 40,000 square feet of retail once complete.
The Morgan at Bay Meadows will consist of 82 luxury units located above a single-story, below-grade secured parking garage. Amenities will include a central entertaining and gathering space with an entertaining kitchen, library and game room; a lushly landscaped courtyard with outdoor entertaining area; fitness and meditation studio; storage facilities; bike storage; and park views. Units will include a mix of two- and three-bedroom homes averaging more than 1,500 square feet. The project is expected to be delivered in the summer of 2020.
The HFF debt placement team representing the developer included senior managing director Bruce Ganong, senior director Chris Gandy and analyst Bercut Smith.
“The Morgan will be an excellent addition to the other successful residential communities developed by Stockbridge and Wilson Meany at Bay Meadows,” Ganong said. “The interest in the construction loan was extensive and numerous lenders competed for the opportunity to work with the developer. HFF is thrilled to have been involved in another phase of this transformative project.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Stockbridge Capital Group: Stockbridge Capital Group is a real estate investment management firm headquartered in San Francisco, California, with offices in New York, Chicago and Atlanta. The firm’s portfolio is comprised of assets across the risk spectrum, spanning all major property types throughout the United States. As of September 30, 2018, the firm’s total assets under management was $13.1 billion.
About Wilson Meany: Wilson Meany is a privately owned real estate investment and development company focused on urban infill locations in California. Wilson Meany principals collectively bring more than 150 years of experience to its mixed-use, residential, retail and office developments, all of which reflect the company’s commitment to integrity, innovation and quality. Wilson Meany specializes in urban infill and complex, large-scale, master planned developments. The firm excels in delivering unique real estate solutions, which address regional growth challenges and revitalize urban areas. The firm achieves this through creative vision; outstanding teamwork; successful navigation of complex entitlement and regulatory requirements; and sensitivity to the needs and concerns of local citizens and broader communities.
About HFF: HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.