Developer the True Life Companies has secured a total of $77 million in acquisition and construction financing to build two townhome projects in the Bay Area. Madison Realty Capital originated the funding for the developer, and noted limited new housing in the area and the high demand for high-quality single-family homes as its interest in the project.

True Life Companies secured $45 million for the construction a 50-townhomes property with 8,000 square feet of retail space in Sunnyvale, which is being built in partnership with Hillwood Investment Properties. The property will feature a mix of two, three, and four-bedroom floorplans, each with a two-car garage and a private deck. The project will be built in two phases, with the construction of 85 townhomes in phase one. Due to Sunnyvale's below market rate housing requirements, 12.5% of townhomes will be sold at affordable prices.

In a second loan, TTLC partnered with 621 Capital to secure $32 million for the construction of a 55-townhome, 10-building property in Hayward, California, along Mission Blvd. The majority of the units will be three-bedroom floorplans, and nine of the units will be combined commercial and residential spaces. The property is proximate to the Bay Area Rapid Transportation Terminal, and has 134 parking spaces. Per the city's below market rate housing requirements, 10% of the units will be offered at affordable rates.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.