Real Estate
Home›Real Estate›Residential›TruAmerica lands $123.5M construction financing for Ba…
TruAmerica lands $123.5M construction financing for Bay Area apartments
The six-story project in San Mateo County will include 251 apartments, with 38 units set aside as affordable housing.
SummerHill Apartment Communities, a TruAmerica project, has secured $123.5 million in construction financing for a multifamily development in the San Francisco Bay Area, Commercial Observer reported. Fifth Third Bank and California Bank & Trust provided a $96.5 million senior construction loan for the apartment community planned in San Carlos, California.
TruAmerica Multifamily also closed a $27 million preferred equity investment to support the six-story project, which is slated to begin construction soon. The deal marked TruAmerica Multifamily’s first preferred equity financing since it launched a structured finance platform last year, Commercial Observer added.
The development will be located at 11 El Camino Real, about 24 miles south of Downtown San Francisco, in San Mateo County. The project is planned to deliver 251 apartments, including 38 affordable housing units.
Commercial Observer said TruAmerica pointed to demand in the submarket, citing a 97 percent multifamily occupancy rate in San Carlos and double-digit rent growth in the region. The outlet also noted TruAmerica’s view that ties to the Bay Area technology and life science industries support the project’s outlook.