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Wells Fargo Provides $163M Construction Financing on Daly City Affordable
Wells Fargo has provided a total of $162.9 million in financing for Midway Village Phase 2, the new construction of the second phase of Midway Village located in Daly City with long-term developer partner MidPen Housing Corporation. Midway Village Phase 2 will provide an additional 113 units of affordable housing within one mid-rise building, adding to the 147 units developed by MidPen and financed by Wells Fargo in the first phase.
The lender’s Community Lending and Investment group provided $62.7 million in low-income housing tax credit equity and $76.7 million in construction loan financing for the project. In addition, Wells Fargo’s Multifamily Capital group provided the Freddie TEL takeout of $23.5 million.
The property will be rent-restricted between 15% – 60% of area median income, with 29 units set aside under the state’s Housing for a Healthy California program, which provides permanent supportive housing for formerly homeless households with significant health-care needs.
- ◦Development
- ◦Financing
