NorthMarq Capital’s San Francisco office arranges acquisition and construction financing of $72 million for Renaissance Square, Phase I & II
Renaissance Square
SAN FRANCISCO (October 21, 2016) – Nathan Prouty, managing director and Jeffrey Weidell, president of NorthMarq Capital’s San Francisco office, arranged acquisition and construction financing of $72 million for Renaissance Square, Phases I & II. The 134-unit multifamily property, located in Concord, California, will be adding 180 units. The transaction was structured with a 15-year term with 3-years interest only followed by a 30-year amortization schedule. NorthMarq arranged financing for the borrower through its correspondent relationship with a life insurance company. “Initial funds were used to acquire the existing Phase I building of 134 residential units and the Phase II development site of 180 units,” said Prouty. “The remaining funds will be drawn down within the next three years according to the construction schedule, and upon completion the loan will convert to a permanent mortgage. The interest rate was fixed throughout, a desirable feature to the financing.”
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Northmarq is one of the largest privately held commercial real estate firms in the United States, combining a nationwide presence with deep local expertise. With more than 50 offices across the country, we provide a full suite of debt, equity, investment sales, loan servicing and fund management solutions for a comprehensive range of property types. Our unique structure allows us to connect clients with the best opportunities, yet be nimble enough to ensure access to every expert across our company. The firm manages a loan servicing portfolio of over $78 billion and has completed $69.5 billion in transactions over the past three years. At Northmarq, collaboration fuels results, helping clients achieve success in every market, nationwide. For more information, visit www.northmarq.com.
