SAN FRANCISCO, CALIFORNIA (August 5, 2022) –Managing Director Nathan Prouty, and Senior Vice President Andrew Slaton of Northmarq’s San Francisco office closed the $46 million refinance of a three-property multifamily portfolio in Pleasanton, California. The garden-style portfolio consists of a combined 274 units and features community amenities including swimming pools and sundecks, barbeque and picnic areas, landscaped grounds, covered parking, fitness centers, and on-site leasing and management. Northmarq secured attractive 10-year fixed-rate loans with full interest-only terms for each property. Northmarq arranged the financings on behalf of E&S Ring through its Fannie Mae DUS program.
“Northmarq canvassed the full market across life companies, banks, and agencies to secure our client an attractive 10-year fixed-rate loan with full term interest only. As a repeat borrower, E&S Ring was able to lock in a very competitive rate and take advantage of our Fannie Streamlined Early Rate Lock to mitigate interest rate risk in a volatile market. We are pleased with our team’s swift execution in a market with a lot of uncertainty,” said Slaton.
Pleasanton is located in eastern Alameda County (Tri-Valley) at the intersection of I-680 and I-580. Located 33 miles east of San Francisco and 35 miles northeast of San Jose, charming Pleasanton offers a high quality of life with award-winning school districts and its bike friendly community. The Borrower has very well-maintained assets in the Pleasanton submarket that proved resilient throughout covid as residents migrated to more suburban areas.
Pleasanton Glen: The garden-style community (built in 1972 and last renovated in 2005) contains 171 units and is located at 3955 Vineyard Avenue. The Pleasanton Glen community is landscaped with green courtyards and includes a pool and sundeck, landscaped courtyard, barbeque and picnic area, fitness center, covered parking, and on-site property manager.
Pleasanton Heights: The property is a 52-unit garden style apartment community located at 3800 Vineyard Avenue. The Property was built in 1964 and acquired by the Sponsor in 2011, after which they performed a major renovation. The property consists of five 2-story buildings surrounded by covered surface parking. The unit mix features 30 one-bedroom units and 22 two-bedroom units. Community amenities include a pool and sundeck, landscaped courtyard, barbeque and picnic areas, fitness center, and assigned covered parking. 52 units and is located at 3800 Vineyard Avenue, Pleasanton, California.
Pleasanton Place: The 51-unit community (built in 1972 and renovated in 2007) is located at 4408 Mohr Avenue. Historic Downtown Pleasanton is a 10-minute walk away offering popular dining, shopping, and entertainment. Community amenities include a pool with sun deck, picnic and barbecue area, assigned covered parking, and pet-friendly floor plans.