NorthMarq arranges $66.5 million in financing for mixed use portfolio in San Francisco Bay Area and Washington
SAN FRANCISCO, CALIFORNIA (November 13, 2019) – A team led by Managing Director Dennis Williams and Vice President Tom Wight of NorthMarq’s San Francisco regional office arranged $66.5 million in permanent non-recourse debt to refinance three core assets for a repeat borrower, JB Matteson, Inc. The NorthMarq team included Analysts Anika Sachse and Griff Whitlock, and Closer Soraya Rios.
The lender is a correspondent life insurance company that worked closely with the NorthMarq team to close all three loans concurrently within an accelerated time frame. The financing consisted of three separate loans, each with a 10-year fixed interest rate and full-term interest-only payment schedule. NorthMarq’s comprehensive process ensured that the borrower obtained the best combination of competitive rate and flexible terms available in the capital markets. NorthMarq will stay involved as the loan servicer on behalf of the lender through maturity.
“The NorthMarq team overcame three-fold due diligence, tight timelines and power outages to accomplish this concurrent portfolio execution,” said John Bellack, Partner at JB Matteson, Inc.
Rafael Town Center is a Class A mixed-use property in downtown San Rafael, California. The property boasts 113 residential units, 42,000 sq. ft. of office space, and 20,000 sq. ft. of retail space. Amenities include a large private courtyard with fire pit, a communal conference room and offices, and a fitness center.
Theatre Square Apartments is a mixed-used property in the heart of the Theatre District of Petaluma, California. The Class A property comprises 99 residential units and 22,000 sq. ft. of commercial space.
Langara Apartments is a multifamily community in the Seattle suburb of Issaquah, Washington. The property consists of 134 residential units.
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