DALY CITY, CALIF. — MidPen Housing and partners have completed the construction of Midway Village I, which includes 147 affordable housing units in Daly City. MidPen also broke ground on Midway Village II, which will include 113 affordable units and a childcare facility.
Midway Village I is reserved for renters earning between 30 and 80 percent of the area median income (AMI). The developer has earmarked 12 of the apartments for young adults aging out of foster care. Local teachers/members of the area’s education workforce will have priority for 27 of the units.
When complete in 2027, Midway Village II will feature homes for families earning between 30 and 60 percent of AMI. Twenty-nine of the units will be reserved for individuals with supportive housing needs, provided through the Housing for a Healthy California program. This second phase will also feature a 15,000-square-foot childcare center where Peninsula Family Service will serve 109 children, including children from low-income families in the broader community.
These are the first two phases of a four-phase revitalization and expansion effort that will ultimately transform an existing San Mateo County Housing Authority property from 150 outdated units into 555 new apartment homes. Residents of the original housing will have the opportunity to move into the new homes as each phase is completed.
Financing for the first two phases came from a variety of sources, including the San Mateo County Department of Housing, the Housing Authority of the County of San Mateo, Wells Fargo, Freddie Mac, the California Debt Limit Allocation Committee, the California Municipal Finance Authority and the California Tax Credit Allocation Committee. The architect is David Baker Architects and the general contractor is Devcon Construction Inc.
LOS ANGELES — Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
CHANDLER, ARIZ. — PB Bell and PCCP have completed the sale of Zaterra, an apartment community in Chandler, to an undisclosed buyer for $137.5 million, or $350,765 per unit. Completed in 2023 on 22 acres, Zaterra features 392 apartments with walk-up layouts and garages spread across a two- and three-story garden-style property. Community amenities include two swimming pools with sundecks, a creative suite with a large conference room and individual workspaces, a 24-hour fitness center and yoga lawn. Steve Gebing and Cliff David of Institutional Property Advisors, a division of Marcus & Millichap, represented the sellers and procured the buyer in the deal.
WETHERSFIELD, CONN. — New Jersey-based financial intermediary Cronheim Mortgage has arranged $6.2 million in financing for a 40,000-square-foot medical office building in Wethersfield, located just south of Hartford. The building at 1210 Silas Deane Highway was developed in 2022 as a build-to-suit for Starling Physicians, Connecticut’s largest physician-led multispecialty medical group. Brandon Szwalbenest, Dev Morris and Andrew Stewart of Cronheim arranged the 25-year loan through an undisclosed local bank. The sponsor is an affiliate of Connecticut-based Phoenix Realty Management.
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