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San Francisco CA 94104
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San Mateo CA 94402
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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.”