Bay Meadows Apartment Collection: $170M refinancing secured for luxury multifamily portfolio in San Mateo

SAN FRANCISCO, Apr. 11, 2025 – JLL Capital Markets announced today 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. The portfolio offers a mix of studios, one-, two- and three-bedroom units averaging 1,035-square feet, along with 9,961-square feet of ground floor retail space.

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.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Stockbridge is a real estate investment management firm led by seasoned senior professionals averaging 25+ years of real estate industry experience. The firm was founded in 2003 and manages real estate equity investments across the risk spectrum within a variety of investment structures on behalf of U.S. and foreign institutional investors. Stockbridge has approximately $33.9 billion of assets under management (as of September 30, 2024) spanning all major real estate property types, and certain specialty property types, with an emphasis on residential and industrial space throughout the United States.

Wilson Meany is a privately owned real estate investment and development firm with over 35 years of experience in urban infill locations across the Western United States. Specializing in complex, large-scale master planned developments, the company is known for place-making, historic renovation, innovative technology, sustainability and public/private partnerships. Since its founding in 2003, Wilson Meany and its predecessor entities have developed over 10 million square feet of distinctive properties, establishing themselves as one of the most respected firms in the San Francisco Bay Area.