Wells Fargo has provided a total of $162.9 million in financing for Midway Village Phase 2, the new construction of the second phase of Midway Village located in Daly City, south of San Francisco, with long-term developer partner MidPen Housing Corporation.
The lender’s Community Lending and Investment group provided $62.7 million in low-income housing tax credit equity and $76.7 million in construction loan financing for the project. In addition, Wells Fargo’s Multifamily Capital group provided the Freddie TEL takeout of $23.5 million.
Midway Village will be rent-restricted between 15% – 60% of area median income, with 29 units set aside under the state’s Housing for a Healthy California program, which provides permanent supportive housing for formerly homeless households with significant health-care needs.
MidPen Housing is one of the most trusted nonprofit developers, owners, and managers of high-quality affordable housing in California. Our mission: To provide safe, affordable housing of high quality to those in need; establish stability and opportunity in the lives of residents; and foster diverse communities that allow people from all ethnic, social and economic backgrounds to live in dignity, harmony and mutual respect. Founded in 1970, MidPen currently serves nearly 20,000 residents at 127 properties in 12 Northern California counties.
Wells Fargo has a dedicated team that specializes in providing financing for multifamily properties using the programs of Fannie Mae, Freddie Mac, and the FHA. Our originators are experienced with originating, underwriting, and closing the various loan programs offered, and as one of the top multifamily loan servicers, we remain committed to providing superior customer service before, during, and after loan closing. We also offer balance sheet financing options, increasing our lending flexibility to better meet our multifamily-focused customer needs.
