Three properties in San Mateo, Calif. have received $132.9 million in financing. An HFF team worked on behalf of the borrower, an affiliate of Stockbridge Capital Group and developer Wilson Meany. TH Real Estate provided the fixed-rate loan, which will be used to retire previous construction financing. According to Yardi Matrix, two of the properties received an $88 million loan from HSBC Bank in 2015, while the third benefited from a $13 million loan provided by U.S. Bank in 2013.
Wilson Meany and Stockbridge Capital partnered to build homes within the Bay Meadows master-planned community, located on the site of the former Bay Meadows Racetrack, which operated between 1934 and 2008. Now, the 18-acre site is being redeveloped into parks, 1,100 residential units, about 40,000 square feet of retail, a new school and almost one million square feet of office space.
The portfolio consists of the 158-unit Russell and the 70-unit Quimby, both located at 3068 W. Kyne St., as well as the 108-unit Field House, at 282 Pony Lane. The communities are within a few minutes’ walk from each other. The Hillsdale CalTrain station is adjacent to the Bay Meadows community. The nearby area also features plenty of shopping and dining destinations, the San Mateo Medical Center and access to state routes 82, 92 and 101.
Field House at Bay Meadows comprises four studios, 28 one-bedroom, 63 two-bedroom and 13 three-bedroom units, with an average unit size of 1,052 square feet. The Russell offers a floorplan mix of 75 one-bedroom, 73 two-bedroom and 10 three-bedroom units, ranging in size from 755 to 1,242 square feet. Finally, the Quimby consists of 28 one-bedroom, 34 two-bedroom and eight three-bedroom units, with sizes from 787 to 1,255 square feet. All three properties are partially affordable and feature common amenities such as swimming pools, spas, fitness centers and covered parking. Greystar is the manager of all three assets. According to Yardi Matrix, each of the properties is currently above 90 percent occupancy.
Image courtesy of Yardi Matrix