One Sansome Street
San Francisco CA 94104
1600 West Hillsdale Blvd
San Mateo CA 94402
About Our Office
Our San Francisco office provides a complete range of options for all types of commercial real estate financing. We can arrange commercial mortgages for any type of commercial property through our unmatched network of lending partners. Call our local office to learn more.
In its annual Rainmakers recognition, Real Estate Forum has selected Mike Elmore and Nate Prouty as part of the 2020 class. Elmore was previously selected for the recognition in 2017; this is the first time Prouty has been selected. Real Estate Forum selects the winners based upon their transaction track-record, community involvement, and industry leadership. See the full story.
Given the challenges in 2020, the publication noted that the winners had key traits in common: “As we went through the nominations we were more struck than ever with the grit, expertise, and dedication of the people in this particular slice of the CRE industry. Despite the paralysis, deals did get done, complex structures were put in place and innovation ran amok.”
Mike Elmore’s recognition focused on both his transaction volume over many years and his mentoring and leadership in his office:
With more than 30 years of experience, Michael Elmore has demonstrated acute financial skills to guide and oversee complex financial transactions. As an EVP and managing director at NorthMarq, Elmore structures debt and equity transactions. During his 27-year tenure with the firm, he has closed 600 transactions totaling nearly $13 billion, and he has regularly been named as a top producer. Advanced Real Estate Services is one of Elmore’s longest standing clients. The firm has a 10,000-unit multifamily portfolio, and Elmore has worked with them to secure $2.3 billion in financing transactions, leading to loan servicing of $1.2 billion for the firm. When he isn’t working with clients, Elmore is mentoring new talent, both students and new entrants into the firm. Brendan Golding is a prime example of Elmore’s mentoring. Golding joined the firm two years ago and worked closely with Elmore to develop his book of business, resulting in $40 million in loan volume.
Nate Prouty was recognized for his book of business with institutional investors and his significant transaction volume over the last few years:
In 2016, Nathan Prouty became the youngest managing director at NorthMarq. Based in the San Francisco office, Prouty completes debt and joint venture equity production and works with the firm’s life company correspondent lenders to finance core stabilized assets. He has a notable roster of institutional investors and structured finance lenders on hand for opportunistic transactions, as well as relationships with traditional financing sources, including Freddie Mac, Fannie Mae, institutional equity investors, debt funds, and banks. In 2019, Prouty’s office completed $1.42 billion in financing transactions. Personally, his average annual transaction volume is $700 million. In the last five years, he has closed $3.5 billion in debt and equity deals, and he is consistently ranked in the top five producers at the firm. Prouty has closed several notable multifamily deals, including a $336 million Fannie Mae loan on the 1,000 unit Mansion Grove Apartments and a $75 million cash-out refinance on Mediterranean Village, a garden-style apartment building.
Raphael House receives NorthMarq Community Involvement Grant, courtesy of San Francisco office
MINNEAPOLIS, MINNESOTA (November 23, 2020) — Raphael House, a privately funded non-profit focused on helping low-income families and families experiencing homelessness in San Francisco, was nominated by Anika Sachse and Nate Prouty to receive a 2020 grant from NorthMarq’s Community Involvement program.
This year, the grant will be used to offset the impact of COVID-19, helping the non-profit continue our essential services for families experiencing homelessness during this public health crisis. Many families are struggling to pay groceries, back rent, utility bills, and healthcare due to illnesses, layoffs, and reduced work hours, according to Marc Slater, executive director – Raphael House.
“Because Raphael House is 100 percent privately-funded, we are able to adapt our services to meet the most immediate needs of our families, whether it’s shelter or after-care support through our Bridge Program,” said Slater.
The Bridge Program provides services to families who previously stayed at Raphael House to help them maintain stability and housing. Just recently, the non-profit launched our Family Stability Services which will provide direct aid to up to 40 families in our post-shelter Bridge Program. The Family Stability Services will provide families with funds to cover rent, utility bills, food and clothing, childcare costs, and technology access through subsidies for Internet service providers.
“We selected Raphael House as they focus on helping families in the Bay Area achieve stable housing, a mission they’ve been on since 1971 with a proven success rate of over 85%,” said Sachse.
Briana Harney receives National NAIOP 2020 Developing Leaders Award
Briana Harney, vice president, Debt & Equity in NorthMarq’s San Francisco office, was recognized with NAIOP’s 2020 Developing Leaders Award. NAIOP is a leading commercial real estate association focused on the investment and development industry. The annual award honors up-and-coming professionals under the age of 35 for their remarkable professional accomplishments, strong leadership, and significant community involvement.
In the San Francisco chapter, Briana has completed the Young Professionals Group (YPG) program, chaired the YPG alumni committee, and currently co-chairs the membership committee. Briana also won the Developing Leader of the Year at the Chapter’s Best of the Bay Awards on February 19, 2020. The winners will be recognized during NAIOP’s CRE Converge Virtual 2020, Oct. 7-8.
NorthMarq recognized at San Francisco NAIOP Best of the Bay Awards
Briana Harney recognized as Developing Leader of the Year; One De Haro project won Financing Transaction of the Year
SAN FRANCISCO, CALIFORNIA (February 27, 2020) – NorthMarq’s San Francisco office featured prominently in the NAIOP “Best of the Bay” awards, winning “Developing Leader of the Year” and “Financing Transaction of the Year.” The award ceremony was held on Wednesday, February 19 during the NAIOP SFBA 8th annual Best of the Bay Awards Dinner. The event honors the best deals and dealmakers of the previous year.
Briana Harney – Developing Leader of the Year: As vice president in NorthMarq’s San Francisco office, Briana places both debt and equity for her clients, leveraging her knowledge of the market, a reliable out-to-market strategy, and strong relationships with lenders to bring the best capital markets execution to her clients.
Key transactions that contributed to her nomination included: – One De Haro: $93 million in senior + mezzanine construction-to-perm financing for 133,000-sq.-ft. office and PDR development. Read more here. – Firestone: $67 million in JV equity and construction financing for 130-unit urban mixed-use project in Downtown San Jose. Read more here. – Menlo Gateway Phase I & II: Three loan placements totaling $447 million financed the construction and permanent debt on the 773,000-sq.-ft. Menlo Park property leased to Facebook. Read more here.
During her career at NorthMarq she has been involved with closing over $2.3 billion in debt and equity transactions covering the full spectrum of property and transaction types.
Briana is an active member of NAIOP, where she currently serves as co-chair of the Membership Committee. She is also the current President of the Berkeley Real Estate Alumni Association. Additional organizations that keep her connected and in front of market trends are Urban Land Institute San Francisco, the Bay Area Mortgage Association, the Mortgage Bankers Association, and CREW.
One De Haro – Financing Transaction of the Year: Dennis Williams, senior vice president/managing director and Briana Harney secured $93 million in construction-permanent financing for this 92,000-sq.-ft. office + 41,200 PDF spec development.
The transaction, involving one lender, featured a senior/mezzanine loan that financed 90 percent of actual costs with the loan converting to permanent full-term IO upon project completion.
NorthMarq secured financing for the developer, SKS Partners, through its correspondent relationship with Northwestern Mutual Life Company.
At the time of the closing, SKS Director of Finance Victor Lau noted, “Dennis and Briana successfully sourced multiple financing alternatives and advised us every step of the way. We couldn’t be more pleased with the execution that paired us with a best-in-class lender that appreciates the design hallmarks of a SKS project and financing option that closely aligned with our business strategy.”
The transactions NorthMarq competed against for “Financing Transaction of the Year” included: • 225 Bush (JLL) • Gateway Millbrae Station (JLL) • 101 California, San Francisco (Goldman Sachs/J.P. Morgan Chase)
Nate Prouty, co-managing director of NorthMarq’s San Francisco office, which completed $1.42 billion in financing across 50 transactions in 2018, spoke to Connect Media to discuss financing trends he noticed in his transactions as well as predictions for 2019 based on an equally strong pipeline for the first quarter.
What are the big trends you are tracking in the finance sector this year? Availability of capital. With respect to the capital markets overall, both life companies and the agencies are expecting stable to rising supply of funds for 2019. Commercial banks, largely due to the perceived late stage in the cycle, continue to curtail their construction activity in 2019. Much of this void has been filled by debt funds. This capital source has been a large source of growth in our origination activity. The CMBS markets, with “loss retention” now fully in place, had another solid year and the number of players seems stable at this point.
One of the biggest trends we’re tracking is the availability of construction financing for projects in the pipeline for 2019. Following a steady trend of annual construction cost increases the last several years due to competition for labor and rising material costs, developers are increasingly having to get more creative in their approach to project financing. While equity investors may be willing to place equity in new projects in core markets at a return on cost below five percent based on optimistic future rent growth expectations, which can often translate into a potentially under-leveraged project using traditional lender exit underwriting. If lenders are not able to underwrite rent growth assumptions in line with historical trends, the resulting loan will fall significantly short in terms of desired leverage—in some cases below 50 percent loan-to-cost (LTC).
Nathan Prouty, senior vice president/managing director of NorthMarq’s San Francisco office provided his insight in GlobeSt.com’s recent article titled, “Transit-Orientated Projects Virtually a Must in the Bay Area.” Prouty referenced a recently completed transaction as an exemplar of why transit-orientated projects continue to appeal to develops and investors in the Bay Area.
NorthMarq Capital President Jeffrey Weidell recently sat down with Commercial Property Executive Magazine to discuss the state of the commercial real estate financing industry and what to expect in the coming year.
In the video interview, Weidell identifies current market and investment trends, including a trend toward longer-term financing in this low interest rate environment. He also shares his insight into three components of a healthy market and what the company is doing to stay competitive.
Watch the video from the Mortgage Bankers Association’s annual CREF conference:
NorthMarq Capital’s San Francisco office featured in GlobeSt.com
Jeffrey Weidell, president, Nathan Prouty, senior vice president/managing director and Andrew Slaton, vice president of NorthMarq Capital’s San Francisco-based regional office, were featured in GlobeSt.com for securing the $103 million refinancing of Madrone Apartments, a 272 unit, class “A” multifamily property located in Mountain View, California. Check out the full coverage here…
Dennis Williams selected as one of Real Estate Forum’s Rainmakers
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Dennis Williams was recently selected as one of Real Estate Forum’s Rainmakers. The Rainmakers compilation was the publication’s first-ever ranking of the nation’s top debt and equity originators. To be selected, nominees received a score for two fields—the total number of transactions and the total volume of all transactions. Check out Dennis’ recognition here…
NorthMarq Capital announces Nathan Prouty as managing director of its San Francisco office
SAN FRANCISCO (January 20, 2016) – The San Francisco regional office of NorthMarq Capital is proud to announce the promotion of Nathan Prouty to managing director. In his new role, Prouty will co-manage the San Francisco office’s production for insurance companies, agency lenders Freddie Mac and Fannie Mae, CMBS lenders, equity investors and other financing sources represented by NorthMarq.
“Nathan has established himself as part of the next generation of NorthMarq leadership through his proven ability to structure the proper financing for clients amongst the multitude of capital sources in the current financial markets. Through his promotion he will help keep the San Francisco office at the cutting edge of capital resources and client service,” said Jeffrey Weidell, NorthMarq Capital president.
Prouty joined the San Francisco office as an analyst in 2002, before briefly leaving to place joint venture equity for a California-based “fund” company. He returned to NorthMarq as a producer in 2007 and has steadily achieved increased success, resulting in a personal record production year in 2015 and selection to NorthMarq’s Producers Council for the past two years.
Prouty represents NorthMarq in the MBA’s Future Leader program this year. He previously served as president of the Bay Area Mortgage Association (BAMA) from 2011-2012 and is an active member of ULI, NMHC, as well as several other local and national real estate organizations.
Dennis Williams featured in GlobeSt.com
Dennis Williams, senior vice president/managing director of NorthMarq Capital’s San Francisco office was featured in GlobeSt.com for securing financing of $20.5 million for a medical office building located in Presidio Heights, California and $16 million for a class “A” multifamily property located in Petaluma, California. Check out the full coverage here…
In the News
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NorthMarq Capital’s San Francisco office was featured in GlobeSt.com for the refinancing of two amenity-rich apartments. Jeffrey Weidell, president, Nate Prouty, senior vice president, and Andrew Slaton, vice president of NorthMarq Capital arranged financing for the borrower, Prometheus Real Estate Group, through its correspondent relationship with a life insurance company.Timberleaf Apartments at 2147 Newhall St. and Alderwood Apartments at 900 Pepper Tree Lane received refinance loans totaling $93 million. The new senior mortgage loans allowed the borrower to lock in historically low interest rates while benefiting from a period of interest-only payments for part of the loan term.
Prouty tells GlobeSt.com: “Both properties were constructed by Prometheus in the late 1980s and have undergone substantial upgrades over the last decade with a rolling renovation of unit interiors and modernizations of the clubhouse and amenities. Prometheus is an owner-operator in Silicon Valley, particularly in Santa Clara, where it has nine communities with nearly 3,000 units, including the 1,000-unit Mansion Grove project and recently completed new construction of the 289-unit Hearth Apartments one block from Alderwood.”