Bay Area housing complex lands key loan despite sour real estate scene

MILLBRAE — A big transit-oriented development has landed a crucial loan that will buoy the financial fortunes of a residential complex next to a BART station, the project’s developer said.

Station 16 Apartments, located near the Millbrae BART station, landed financing to replace a previous construction loan for the apartment complex, according to Republic Urban Properties, the developer of the residences.

The apartment complex consists of 320 market-rate units.

“Despite the...