NorthMarq secures $50.75 million acquisition loan for a Class A office property in San Jose, California
SAN FRANCISCO, CALIFORNIA (February 13, 2019) – Nathan Prouty, senior vice president/managing director, Andrew Slaton, vice president and Anika Comaroto, investment analyst in NorthMarq’s San Francisco office arranged the $50,750,000 acquisition bridge financing for Century Plaza, a Class A office building on Santana Row in San Jose, California. The floating-rate transaction was structured with a 4-year interest-only term. NorthMarq arranged financing for the borrower, a joint venture between Muller Company and Cigna Investment Management.
The property is a landmark office building located conveniently a few steps away from Santana Row in San Jose and across the street from San Jose’s famous Winchester Mystery House. The area offers restaurants, retailers, and office use. Located at the intersection of Winchester Boulevard and Interstate 280, the property offers extensive visibility from the freeway by more than 220,000 cars per day. The six-story property encompasses 103,906 sq. ft. and is currently 82 percent occupied.
“NorthMarq was invaluable to the success of our acquisition, quickly sourcing a structured loan that fit our investment requirements and remaining engaged throughout the acquisition to ensure the loan closed on time,” said Steve Santacroce, Muller’s Director of Asset Management, “We will definitely keep them in mind for future financing needs.”
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Northmarq is a full-service capital markets resource for commercial real estate investors, offering seamless collaboration with top experts in debt, equity, investment sales, loan servicing, and fund management. The company combines industry-leading capabilities with a flexible structure, enabling its national team of experienced professionals to create innovative solutions for clients. Northmarq's solid foundation and entrepreneurial approach have built an annual transaction volume of more than $39 billion and a loan servicing portfolio of more than $76 billion. Through the 2022 acquisition of Stan Johnson Company and Four Pillars Capital Markets, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit: www.northmarq.com.
