Stockbridge, Wilson Meany Land $170M San Mateo Refi

Stockbridge Capital Group and Wilson Meany have refinanced four apartment complexes in San Mateo for $170 million.

The San Francisco-based investors secured the refinancing loan for their 390-unit Bay Meadows Apartment Collection at 2829, 3069, 3098 East Kyne Street and 3068 West Kyne Street, Mult-Housing News reported.

The five-year fixed rate loan was provided by New York Life Real Estate Investors. Financial terms for the deal were not disclosed.

Brokers Bruce Ganong, Chris Gandy and analyst Tomie Vega of JLL Capital Market’s Debt Advisory team represented the borrowers.

The 83-acre Bay Meadows master-planned community includes more than 1 million square feet of offices and 18 acres of parks and open space near major tech employers.

Its Apartment Collection includes the 108-unit Field House, built in 2015 at 2829 East Kyne; the 54-unit Hawthorne, built last year at 3069 East Kyne; the 158-unit Russell, built in 2017 at 3098 East Kyne; and the 70-unit Quimby, built in 2017 at 3068 West Kyne.

The multifamily market across the Mid-Peninsula in San Mateo County has ticked up slowly despite higher inflation, interest rates, prospective tariffs and rising construction costs, according to Ed Del Beccaro of TRI Commercial Real Estate Services and CORFAC International.

“The current multifamily vacancy rate has dropped by about 6 percent and rents have increased almost 2 percent year over year,” Del Beccaro told MHN. “There are currently 588 apartment units under construction per San Mateo County.”

Apartments in the pipeline include a 236-unit complex with 12,000 square feet of retail at 1 East 4th Avenue in San Mateo.

A redevelopment of the Hillsdale Mall will have 1,392 units, of which 209 would be affordable, while a mall-to-multifamily conversion at 678 Concar Drive would include 869 apartments and townhomes.

Across the Bay, Roxborough Group and Camden Pacific Partners last week bought The Union Flats, a 243-unit apartment complex in Union City for $81.6 million, or $335,802 per unit.

— Dana Bartholomew