The True Life Cos. (TTLC), a real estate firm focused on repurposing underutilized properties in high-need U.S. markets, announced the launch of its home building division, Homes Built for America (HBFA). HBFA’s first ground-up development will be SoMi, a 189-unit new-home community located in Hayward, California.
“Homes Built for America deepens our commitment to creating new housing options for Bay Area residents,” says Scott Clark, chairman and CEO of HBFA. “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 development, designed by SDG Architects, will include 123 three-story attached townhomes with three- and four-bedroom floor plans, as well as 66 condominiums with two- to three-bedroom layouts, of which 20 will be below market rate. Model homes at SoMi are scheduled to open in early 2022.
The community 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 component will complete the community.
SoMi residents will be centrally located within South Hayward and can 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.
“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,” says 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.”
