SAN FRANCISCO (April 10, 2018) – Nathan Prouty, managing director, Andrew Slaton, vice president and Briana Harney, senior investment analyst at NorthMarq Capital’s San Francisco regional office, arranged $134 million in financing for two Silicon Valley apartment communities. Orchard Glen is located at 101 Saratoga Avenue in Santa Clara and contains 340 units. Park Central is located at 1050 Benton Street in Santa Clara and contains 173 units. The transactions were structured on 10-year interest-only terms. NorthMarq arranged the financing on behalf of Prometheus Real Estate Group through its correspondent relationship with a life insurance company.
“The existing loans on these two properties were arranged in a higher interest rate environment and therefore the borrower was looking to refinance the loans and secure long-term debt at today’s lower interest rates,” explained Prouty. “The correspondent life company offered a competitive full-term interest-only refinance option which minimalized prepayment costs, increased proceeds and locked-in attractive interest rates on these two properties.”