JLL Capital Markets announced that it secured a $170 million first mortgage for Bay Meadows Apartment Collection, a portfolio of four luxury multifamily properties totaling 390 units in San Mateo, California.
JLL worked on behalf of the borrowers, Stockbridge and Wilson Meany, in arranging the five-year, fixed-rate loan through New York Life Real Estate Investors.
The Bay Meadows Apartment Collection is adjacent to the Hillsdale Caltrain Station, strategically located between San Francisco and Silicon Valley. The four Class A properties include the 108-unit Field House built in 2015, 70-unit Quimby built in 2017, 158-unit Russell built in 2017 and 54-unit Hawthorne built in 2024.
Located within the 83-acre Bay Meadows master-planned community, residents enjoy access to 18 acres of parks and open spaces, over one million square feet of office space and proximity to major employers in the tech industry.
San Mateo continues to be a highly desirable location in the Bay Area, with strong rental demand and limited new supply. The refinancing of Bay Meadows Apartment Collection demonstrates the continued appeal of high-quality multifamily assets in prime Silicon Valley locations.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Managing Director Bruce Ganong, Senior Managing Director Chris Gandy, Director Elijah Lax and Analyst Tomie Vega.
“The successful refinancing of Bay Meadows Apartment Collection highlights the enduring strength of well-located, institutional-quality multifamily assets in the San Francisco Peninsula market,” said Ganong. “This portfolio’s prime location, coupled with its mix of unit types and amenities, positions it as a premier residential offering in the heart of Silicon Valley.”
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
