Office - Debt

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.”

This transaction was featured in the following publication: 

The Registry

As a capital markets leader, NorthMarq offers commercial real estate investors access to experts in debt, equity, investment sales, and loan servicing to protect and add value to their assets. For capital sources, we offer partnership and financial acumen that support long- and short-term investment goals. Our culture of integrity and innovation is evident in our 60-year history, annual transaction volume of more than $14 billion, loan servicing portfolio of more than $61 billion and the multi-year tenure of our nearly 600 people.