SummerHill Apartment Communities Secures $123.5 Million Loan For Development In San Carlos, CA

The asset involved in this transaction is a development site located at 11 El Camino Real in San Carlos, California. This site is designated for a 251-unit multifamily project and includes 38 affordable units, with construction expected to commence shortly.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $123,500,000
• Lender: Fifth Third Bank and California Bank & Trust
• Preferred Equity Provider: TruAmerica Multifamily
• Landlord: Doug McDonald - SummerHill Apartment Communities
• Loan Type: Senior Construction Loan & Preferred Equity

Key individuals in this transaction include Ash Baraghoush, representing TruAmerica Multifamily, and Doug McDonald, who represents SummerHill Apartment Communities. This financing arrangement encompasses a $96.5 million senior construction loan and $27 million in preferred equity allocated towards the project.