NorthMarq Capital arranged $188 million mortgage for Mansion Grove in Santa Clara, California

Mission Grove
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SAN FRANCISCO (Aug. 26, 2013) – Jeffrey Weidell, Nate Prouty and Andrew Slaton of NorthMarq’s San Francisco regional office arranged first mortgage refinancing in the amount of $188 million for Mansion Grove, a 1,000-unit/855,556 sq. ft., market-rate multifamily community located at 502 Mansion Park Drive in Santa Clara, California. Situated on 25 acres of land, the initial development of 876 units was constructed in three phases with completion between 1988 and 1990. In 2010, 124 new luxury units were added in newly constructed buildings. Recreational amenities include two pools and spas, three tennis courts, volleyball courts and a recreational center with an aerobics studio and weight room. The property was 98 percent occupied at closing. Financing was based on a 10-year term and a 30-year amortization schedule. NorthMarq arranged this financing for the borrower, an affiliate of Prometheus Real Estate Group, through its relationship with Teachers Insurance and Annuity Association of America (TIAA-CREF) and Allstate Life Insurance Company. “For this large asset we were able to partner two correspondent lenders together to provide the best pricing to the borrower, with a single loan execution,” Weidell said. “A strong Silicon Valley market and proven high occupancy with quality management helped get this done.”

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, Northmarq established itself as a provider of opportunities across all major asset classes. For more information, visit www.Northmarq.com.

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