MILLBRAE — A big transit-oriented development has landed a crucial loan that will buoy the financial fortunes of a residential complex next to a BART station, the project’s developer said.
Station 16 Apartments, located near the Millbrae BART station, landed financing to replace a previous construction loan for the apartment complex, according to Republic Urban Properties, the developer of the residences.
The apartment complex consists of 320 market-rate units.
“Despite the current challenges in the commercial real estate market,” the developer was able to attract the loan from Argentic Real Estate Investment, said Brian Yi, vice president of investments with Republic Urban.
The refinance, which is known in the industry as a bridge loan, replaces the initial $114 million construction loan that U.S. Bank had provided to enable the construction of Station 16, which is part of the Gateway at Millbrae mixed-use development next to the BART station.
San Jose-based Republic Urban will use the financing to explore ways to enhance the resident and community experience at Station 16, which is located at 126 North Rollins Road in Millbrae.
A rotating farmers market and food trucks are among the amenities that Republic Urban is exploring.’
“Since opening late last year, Station 16 Apartments is now over 70% leased and 65% occupied,” Republic Urban Properties stated. “Its ground-floor retail tenants Panda Express and Crumbl Cookies will open their doors in the next few months, as will Chick-fil-A.”