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November 24, 2020
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San Mateo Res Project on Track with $48.6 Mil in Construction Money


Stockbridge Capital Group and Wilson Meany have secured $48.64 mil in financing for the development of The Morgan at Bay Meadows, an 82-unit, Class A multi-family project in San Mateo. The floating-rate construction loan was arranged by HFF and funded through Union Bank.

The Morgan at Bay Meadows is situated to the southwest of the U.S. 101 and Hwy 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, 780k sf of office space, 18 acres of parks, a new private high school and 40k sf of retail once complete.

The project 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 1.5k sf in size. The project is expected to be delivered in the summer of 2020.

HFF’s Bruce Ganong, Chris Gandy and Bercut Smith arranged the deal. According to Ganong, interest in the construction loan was extensive and numerous lenders competed for the opportunity to work with the developer.

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