Bay Area Portfolio Scores $170M Financing
The portfolio spans nearly 400 units.
A $170 million first mortgage has been secured for The Bay Meadows Apartment Collection, a four-property portfolio located in San Mateo, Calif. that comprises 390 units. The borrowers, Stockbridge Capital Group and Wilson Meany, closed on the five-year, fixed-rate loan provided by New York Life Real Estate Investors to borrowers.
JLL Capital Market’s Debt Advisory team, led by senior managing director Bruce Ganong, senior managing director Chris Gandy, director Elijah Lax and analyst Tomie Vega represented the borrower.
The Bay Meadows Apartment Collection includes the 108-unit Field House, built in 2015; the 54-unit Hawthorne, built in 2024; the 158-unit Russell, built in 2017 and the 70-unit Quimby, built in 2017.
Units in the Collection range one-, two-, and three-bedrooms averaging 1,035 square feet in size. The communities each have an average of 9,961 square feet of ground-floor retail space.
Located within the 83-acre Bay Meadows master-planned community, residents enjoy access to 18 acres of parks and open spaces, over one million square feet of office space, and proximity to major tech employers.
Strength in San Mateo
The San Mateo County Mid-Peninsula’s multifamily market continues to improve slowly despite the headwinds of high inflation, high interest rates, prospective tariffs and escalating construction costs, according to Ed Del Beccaro, EVP, San Francisco Bay Area manager at TRI Commercial Real Estate Services and CORFAC International.
“The current multifamily vacancy rate has dropped by about six percent and rents have increased almost two percent year over year,” Del Beccaro told MHN. “There are currently 588 apartment units under construction per San Mateo County.”
READ ALSO: San Francisco Multifamily Report – February 2025
Proposed multifamily Projects going through the approval process include the mixed-use project 1 E. 4th Ave. in San Mateo, which will have 236 apartment units and 12,000 square feet of ground floor retail space, as well as The Hillsdale Mall conversion which will have 1,392 new residential units, 209 of which are will be affordable. Another mall-to-multifamily conversion project is 678 Concar Drive, which will have an 869-unit mix of apartments and townhomes.
The region has an active investment base, as well. Last week, a joint venture between Roxborough Group LLC and Camden Pacific Partners LCC bought The Union Flats, a 243-unit community located in Union City. The partners bought the property for $81.6 million.
