In December 2002, the Authority issued $68.7 million in Variable Rate Multifamily Housing Revenue Bonds for construction of the Archstone San Bruno Apartments (formerly the Meridian at the Crossing), a 300-unit mixed-income multifamily housing complex in San Bruno. The bonds carry ratings of "AAA"/"A-1+" (S&P) based on a Fannie Mae Credit Facility. CalPERS, as limited partner, provided a letter of credit and guarantee for $25 million as additional security for the construction lender.

The Archstone San Bruno was sponsored by developers TMG Partners, Inc. and Regis Homes of Northern California, Inc. TMG Partners, Inc. has land planned, developed, and partnered on over 2,500 residential units. Since it was founded in 1984, it has acquired and developed a portfolio valued at over $2 billion. Regis Homes of Northern California, Inc., formed in 1991, is an affiliate of Irvine-based SARES-REGIS Group. The SARES-REGIS Group is a regional real estate firm that has managed approximately $2.1 billion in assets on behalf of its institutional partners and clients.

The Archstone San Bruno is phase 1 of a 3-phase project. The City-approved master plan for The Crossing|San Bruno site includes two hotels, a restaurant, a senior housing site, and a total of 900 multifamily housing units. Ultimately, the Crossing will also include 300,000 square feet of office space, a shopping street, and a two-acre park. The 20-acre development site is very well located in the heart of the San Francisco Peninsula in San Mateo County. The Crossing is only minutes from the San Francisco Airport, Interstate 380, Interstate 280 and Highway 101, and is within walking distance of a BART station that provides immediate access to downtown San Francisco and the East Bay. The site is also serviced by SamTrans, a bus system, and airport shuttles. Crossing residents are just across the street from 1.1 million square feet of high quality retail space at The Shops at Tanforan.

Archstone San Bruno's amenities include a recreation facility with a pool, spa, aerobic exercise facility with cardiovascular exercise equipment, and a business center. This mixed-use project of one- and two-bedroom apartments surrounds an above-grade parking structure of 465 spaces.

Twenty percent (60) of the units at the Archstone San Bruno are rented to low-income families at restricted rents.

To view additional pictures of the Archstone San Bruno, click here.

Construction of Phase II of The Crossing|San Bruno is also underway. To view architectural renderings of The Paragon at the Crossing, click here.