Wells Fargo Provides $167M Financing Package for California Affordable Housing
MidPen Housing opened the first phase of Midway Village last year
By Brian Pascus March 25, 2025 4:48 pm
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Bay Area developer MidPen Housing has secured a $167.4 million construction financing package to build the second phase of Midway Village, a 113-unit affordable housing complex in Daly, Calif., Commercial Observer has learned.
The entire Midway Village project is expected to require five stages of development.
Wells Fargo (WFC) provided the financing, which was broken out into several loans. The bank’s community lending and investment arm provided $62.7 million in Low-Income Housing Tax Credit equity, while the bank itself provided $76.7 million in senior construction debt. Well’s Fargo’s multifamily capital group provided a $23.5 million takeout loan of Freddie Mac subsidies.
Wells Fargo also financed the first phase of Midway Village, a 147-unit complex.
Located at 80 Park Street in Daly City — a town of roughly 100,000 about 10 miles south of downtown San Francisco — the first phase of Midway Village was completed in May 2024. The plan is both a redevelopment and expansion of 150 existing housing units managed by the San Mateo County Housing Authority. Over five phases, the project is expected to deliver 555 housing units across 12 new buildings.
Within the second phase, 29 units have been reserved to provide permanent supportive housing for homeless individuals dealing with health problems, while 76 units are part of the Section 8 affordable housing program.
MidPen Housing did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
