Bay Area TOD Receives $336M Loan
- Dec 10, 2019
JLL has raised a total of $335.6 million capital for the development of Gateway at Millbrae Station, a mixed-use project in Millbrae, Calif. JLL worked on behalf of the developer, Republic Urban Properties, to arrange joint venture equity from Principal Real Estate Investors and a floating-rate construction loan through U.S. Bank.
Republic Urban Properties announced its partnership with Principal Real Estate Investors at the end of November and broke ground on the development last week, on December 4, after six years of seeking approvals from the city and local authorities, according to San Francisco Business Time.
The transit-oriented development will be located at the Millbrae BART station to assist in developing sustainable transit ridership. Through easy access to public transportation, Gateway at Millbrae Station provides connections to employment centers in Silicon Valley and San Francisco. Scheduled to open during Summer 2022, the mixed-use development will feature office, residential and retail components.
JLL’s Capital Markets equity and debt placement team included Scott Bales, Brandon Roth, Peter Yorck and Nolan Moore.