Northmarq announces $23.9 million financing of Fremont City Center Apartments

SAN FRANCISCO (May 1, 2024) — Northmarq’s San Francisco Debt + Equity team arranged $23.9 million in financing for the purchase of Fremont City Center. The team was led by Managing Director Nate Prouty and Senior Vice President Briana DeHaan with support from Andrew Deaver.

The financing was arranged on behalf of the borrower through Northmarq’s Optigo status as a Freddie Mac lender.

“This fixed rate permanent loan will enable new ownership to focus on the business plan at the property and offer a high-quality community to residents in Fremont,” stated DeHaan. “Despite volatility in the capital markets, all parties worked diligently to close the acquisition resulting in a great transaction at the end of the day.”

Fremont City Center is a 122-unit garden-style apartment community in Fremont, California. The property is situated on 5.21 acres and features ample community amenity space and parking. The asset was constructed in 1970 and was extensively renovated between 2020-2023. Interior renovations included in-home washer/dryer, new modern kitchen and bathroom cabinetry, quartz counters, plank style flooring and new appliance package. Exterior renovations included extensive landscape remodel, new leasing office, community room with fitness area, pool and lounge area, bocce ball court and firepit area.