SAN FRANCISCO – Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq’s San Francisco regional office arranged first mortgage refinancing in the amount of $188 million for Mansion Grove, a 1,000-unit/855,556 sq. ft., market-rate multifamily community located at 502 Mansion Park Drive in Santa Clara, California. Situated on 25 acres of land, the initial development of 876 units was constructed in three phases with completion between 1988 and 1990. In 2010, 124 new luxury units were added in newly constructed buildings. Recreational amenities include two pools and spas, three tennis courts, volleyball courts and a recreational center with an aerobics studio and weight room. The property was 98% occupied at closing.
Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, an affiliate of Prometheus Real Estate Group, through its relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company.
“For this large asset we were able to partner two correspondent lenders together to provide the best pricing to the borrower, with a single loan execution,” Weidell said. “A strong Silicon Valley market and proven high occupancy with quality management helped get this done.”
NorthMarq, the largest privately held commercial real estate financial intermediary in the U.S., provides mortgage banking and commercial loan servicing in 33 offices coast to coast. With an average of $9.5 billion in annual production volume and servicing a loan portfolio of over $41 billion, the company offers expertise to borrowers of all size. The company has a long track record of multi-family financing as a Freddie Mac Program Plus™ Seller-Servicer, and through its affiliation with Fannie Mae DUS lender AmeriSphere Multifamily Finance. In addition, NorthMarq has long relationships with over 50 life companies, many CMBS platforms and hundreds of local, regional and national banks. For more information, please visit www.northmarq.com.