SoMi will break ground in October of 2021
HAYWARD, Calif. (September 8, 2021) — The True Life Companies (TTLC), a real estate firm focused on repurposing underutilized properties to create new housing options in high-need U.S. markets, announced today the launch of their homebuilding division, Homes Built for America (HBFA). HBFA’s first ground-up development will be SoMi, a 189-resident new home community located at 29212 Mission Boulevard in Hayward, CA.
“Homes Built for America deepens our commitment to creating new housing options for Bay Area residents,” said Scott Clark, Chairman and CEO of Homes Built For America. “SoMi is the first of many new communities we are pursuing under the HBFA brand, both throughout the Greater San Francisco Bay Area and in strategic markets across the country.”
Located within the City’s Mission Boulevard Corridor, the mixed-use commercial and residential SoMi will include 123 three-story attached townhomes with three- and four-bedroom layouts, as well as 66 condominiums with two- to three-bedroom layouts, of which 20 will be below market rate.
The community, designed by SDG Architects Inc., will have a recreation room and meeting space, three rooftop decks, a 17,000-square-foot dog park, pedestrian trails, multiple relaxing park areas, and access to additional outdoor recreation space that totals approximately 1.2 acres. A commercial retail component will complete the mixed-use community.
SoMi residents are centrally located within South Hayward and enjoy easy access to San Francisco, Oakland, and Silicon Valley via Interstate 880, the South Hayward BART Station, and the VTA bus line along Mission Boulevard.
SoMi is being developed in a joint venture with Hillwood. The partnership recently closed on the land and secured a construction loan from Madison Realty Capital, a vertically integrated real estate private equity firm focused on debt and equity investment strategies.
“We are excited to work closely with TTLC and HBFA to deliver a flexible and customized financing solution through every phase of development of this important project,” said Josh Zegen, Managing Principal and Co-Founder of Madison Realty Capital. “We fully support HBFA’s mission of bringing much-needed attainable housing to the San Francisco Bay Area.”
Model homes at SoMi are scheduled to open in early 2022.
About Homes Built for America
Homes Built for America (HBFA) is the homebuilding division of The True Life Companies. HBFA’s mission is to build attainable homes in well-planned communities based on thoughtful design; providing homebuyers an easy experience before, during and after the home purchase. HBFA chooses cities eager for long-lasting new housing solutions that serve new generations, and who recognize the opportunity HBFA offers to answer their housing needs.
About The True Life Companies
The True Life Companies (TTLC) is composed of a team of highly successful residential real estate professionals who work together with property owners, municipalities, and local stakeholders to address the need for critically-needed attainable housing solutions in our metro regions. TTLC seeks to establish suburban and urban housing options that are the result of insightful research, innovative planning, and creative collaboration. TTLC is headquartered in Denver with offices in San Ramon, Folsom and Irvine, California.
As one of the leading commercial and residential real estate firms in the country, Hillwood delivers a full-suite of integrated real estate services. Hillwood’s offerings range from land and building acquisitions to development, master planning, leasing, property and asset management. It also serves as a provider of capital for joint venture properties.
About Madison Realty Capital
Madison Realty Capital is a vertically integrated real estate private equity firm that manages approximately $6 billion in total assets on behalf of an institutional global investor base. Since 2004, Madison Realty Capital has completed more than $15 billion in transactions in the U.S. providing reputable borrowers with flexible and highly customized financing solutions, strong underwriting capabilities, and certainty of execution. Headquartered in New York City, with offices in Los Angeles and Miami, the firm has over 60 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.