Financing of Gateway at Millbrae Station

United States

Deal value: $180,000,000

Construction financing for a 500,000 sq ft mixed-use TOD at Millbrae BART/Caltrain station, including 400 apartments (80 affordable), 150,000 sq ft office, 44,000 sq ft retail, and a 164-room hotel.

The core investment motivation is to capitalize on the growing demand for transit-oriented developments (TODs) in the Bay Area, leveraging proximity to major transit hubs (BART/Caltrain) to create a vibrant, mixed-use community. The strategic purpose is to address regional priorities: increasing affordable housing, reducing traffic congestion, and supporting sustainable urban growth. The timing is driven by policy momentum for TODs, a chronic housing shortage, and the opportunity to set a new standard for integrated, walkable urban environments.