JLL announced today that it has raised capital totaling $335.6 million for the development of Gateway at Millbrae Station, a transit-oriented, mixed-use residential and office property adjacent to the Millbrae BART and Caltrain Stations in Millbrae, California.
JLL worked on behalf of the developer, Republic Urban Properties LLC, to arrange joint venture equity from Principal Real Estate Investors and a floating-rate construction loan through U.S Bank.
Gateway at Millbrae Station is fully entitled to include 320 apartment homes and 157,000 square feet of Class A office space in a six-story building with podium-style parking. The property will also include a combined 36,000 square feet of ground-floor retail and 645 parking spaces. The residential component will offer a mix of studio, one-, two- and three-bedroom homes. The project is due for completion in summer 2022.
The JLL Capital Markets equity and debt placement team included Scott Bales, Brandon Roth, Peter Yorck and Nolan Moore.
“Gateway at Millbrae Station is one of the top transit-oriented development opportunities on the West Coast,” Roth said. “It’s the only transit center in the entire Bay Area that includes both BART and Caltrain stops, providing quick train rides to the top employment centers in Silicon Valley and San Francisco, as well as San Francisco International Airport.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients—whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. Brokerage services now provided by Jones Lang LaSalle Americas, Inc., a licensed real estate broker. CA Real Estate License #01223413.