The Project
CMB Infrastructure Investment Group 83, LP (Group 83) will raise up to $49.6 million of EB-5 investment capital to provide a loan to an affiliate of Hillwood Development Company (Hillwood), a top ten U.S. real estate developer, for the development and construction of the SoMi - Hayward project. The Group 83 Project, is a 189-Unit Townhome and Condominium Development in Hayward, California (the “Project”). The Project is to be constructed on an approximately 12.2 acre (4.937 hectares) site in California’s East San Francisco Bay Area and is located within the city of Hayward, California at the intersection of Mission Boulevard and Tennyson Road.
The site was originally purchased by The True Life Companies in 2018 and completed an extensive entitlement and permitting process in 2021 allowing for construction to commence. The project will be developed and constructed under a Joint Venture between Hillwood and Homes Built for America. Homes Built for America is the homebuilding division of The True Life Companies.
The Project will consist of three and four bedroom townhomes averaging 1,683 square feet and 66 condominiums averaging 1,335 square feet. Twenty of the 66 townhomes are anticipated to be developed as affordable and offered for below market rate. The entire development will include appoximately 10,800 square feet (1,003 sq meters) of ground-level commercial space, an urban park and a dog park.
The development will provide walking distance access to the South Hayward Bay Area Rapid transit (BART) station, and will offer residents convenient access to the various employment opportunities of the greater Silicon Valley/Bay Area. The Project will also offer popular amenities such as community recreation and meeting spaces, over 1.2 acres (0.485 hectares) of outdoor recreation space, and three roof-top decks and certain solarpowered smart home amenities.
