Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital, said, “Demand for high-quality single-family homes continues to steadily increase as major employers such as Apple, Google, LinkedIn, Cisco, Intel, and Uber expand in San Francisco and the greater Bay Area. However, new housing is limited as a result of lengthy entitlement processes and restrictions on new development. We are pleased to further our presence in the Bay Area to originate flexible financing solutions for TTLC, an experienced residential developer, who successfully navigated complex entitlement processes to deliver competitively priced, attractive townhomes in high barrier to entry markets.”
The Sunnyvale development will offer a mix of two, three, and four-bedroom units across four buildings and each home will include a two-car tandem garage and private deck. The project will also include a communal park in addition to dining and seating areas. Subject to Sunnyvale’s Below Market Rate Housing Requirements, 12.5% of townhomes will be sold at affordable prices. The property is the first phase of a two-phase project that will consist of 85 residential townhomes in total once complete. TTLC is developing the Sunnyvale townhomes in partnership with Hillwood Investment Properties.
The Hayward townhomes will be comprised of 10 buildings along Mission Boulevard. The property will consist of a unit mix of 46 three-bedroom homes and nine units with combined commercial and residential space. Located close to multiple transit options including the Bay Area Rapid Transportation Terminal, the property also includes 134 parking spaces. Ten percent of the townhomes will meet Hayward’s Below Market Rate Housing requirements.
“We very much value our ongoing relationship with Madison Realty Capital,” added Scott Menard, Executive Vice President of The True Life Companies. “Our recent experience working with Madison on the Sunnyvale and Hayward Moreau transactions exceeded our expectations and their entire team has always been professional and excellent to work with. As our company continues to grow quickly, we know Madison can meet our growing needs and we look forward to our continued relationship with Madison on our future deals.”
Gary Mozer, Miles Musalman, and Evan Kinne at George Smith Partners brokered the transaction.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that, as of March 31, 2022, manages approximately $8.5 billion in total assets on behalf of a global institutional investor base. Since 2004, Madison Realty Capital has completed approximately $20 billion in transactions providing borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with an office in Los Angeles, the firm has approximately 70 employees across all real estate investment, development, and property management disciplines. Madison Realty Capital has been frequently named to the Commercial Observer’s prestigious “Power 100” list of New York City real estate players and is consistently cited as a top construction lender, among other industry recognitions. To learn more, follow us on LinkedIn and visit www.madisonrealtycapital.com.
Media inquiries, contact:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
madisonrealty@gasthalter.com
