SAN FRANCISCO, CA – January 16, 2019 – 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."