6/1/2026 – Schelin Uldricks & Co. is pleased to announce the successful closing of the financing for The Park at South Stadium, a 174-unit affordable housing development located in downtown Fresno, CA. The financing enables the ownership group to acquire the real estate and commence construction of the project.
The project is designed as an eight-floor mid-rise housing development with 40% of the units designated as affordable (50% AMI and 80% AMI units) and the remaining 60% as market rate. The Park at South Stadium is in downtown Fresno, CA adjacent to Chukchansi Park, which is the home of the Fresno Grizzlies minor league baseball team. The project is expected to be delivered in 2028 and provides much needed housing to Fresno, CA. “This project went through several iterations over the last five years, but we stuck with our developer client and assisted them in finding a financial solution to go vertical on the project,” commented Derek Uldricks, Managing Partner. “This project is a big win for the community and should kickstart more investment in the downtown corridor.”
The financing is structured as construction-to-permanent debt with several subordinate lenders participating in the financing on a long-term basis. Specifically, the financing included tax-exempt and taxable financing and two municipal mezzanine loans. When combining all sources of secured capital, the project was financed to 100% of costs. The weighted cost of capital for the project is approximately 6.13%.
About Schelin Uldricks & Co.
Schelin Uldricks & Co. is a commercial real estate firm offering investment banking services with a focus on providing capital solutions to real estate companies and other mid-sized businesses.
Headquartered in Huntington Beach, CA, Schelin Uldricks & Co. embodies an entrepreneurial culture focused on integrity, transparency, execution, and ingenuity. The founding partners bring over 35 years of collective capital markets experience in investment banking, private equity, and real estate finance. The company offers a broad array of services, including debt and equity placement, M&A, GP advisory, divestitures, and financial restructuring.