SAN FRANCISCO (January 26, 2015) – Dennis Sidbury, senior vice president of NorthMarq Capital’s San Francisco-based office, secured $52 million in financing for the acquisition of Rosemeade at Olympus Pointe, a 465-unit multifamily property located at 1451 Rocky Ridge Drive in Roseville, California. The transaction was structured with a 20-year term with 3 years interest only and a 25-year amortization schedule. NorthMarq arranged financing for the transaction, a joint venture between entities SyRES Properties, LLC (a Syufy Enterprises company) and ConAm Properties, LLC, through its correspondent relationship with a life insurance company. The seller will remain on as property manager and carry a minority interest in the new borrowing entity. “This transaction is an ideal fit for SyRES Properties and we plan to continue to grow our portfolio with similar high-quality acquisitions,” said Glen Ceridono, senior vice president for the firm and head of acquisitions.
“The subject property is a high-quality asset in a very tight apartment market,” said Sidbury. “The borrower, Rosemeade Residential Holdings, LLC, preferred a longer-term financing so it was an ideal fit for a life insurance company. The property will undergo some minor upgrades but is essentially a core acquisition and long-term hold.”